Independent Bank Corp. (NASDAQ:INDB) Receives $79.00 Consensus Target Price from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been assigned an average recommendation of “Buy” from the three brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $79.00.

Several brokerages recently commented on INDB. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Stock Up 0.7 %

INDB stock opened at $64.13 on Friday. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The business has a fifty day moving average price of $66.22 and a 200-day moving average price of $65.53. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $2.73 billion, a P/E ratio of 14.19 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities analysts forecast that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Independent Bank

Several hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC bought a new position in shares of Independent Bank in the third quarter worth about $257,000. Entropy Technologies LP bought a new position in shares of Independent Bank in the third quarter worth about $435,000. Empowered Funds LLC boosted its stake in shares of Independent Bank by 5.4% in the third quarter. Empowered Funds LLC now owns 117,223 shares of the bank’s stock worth $6,931,000 after acquiring an additional 5,974 shares during the period. LMR Partners LLP bought a new position in shares of Independent Bank in the third quarter worth about $351,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independent Bank in the third quarter worth about $222,000. Institutional investors own 83.40% of the company’s stock.

About Independent Bank

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.