Independent Bank Corp. (NASDAQ:INDB) Receives $78.00 Average Price Target from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average rating of “Buy” from the three ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $78.00.

INDB has been the subject of several recent research reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research report on Monday, October 21st. Finally, Keefe, Bruyette & Woods increased their price objective on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research note on Thursday, December 12th.

Independent Bank Stock Up 0.1 %

Independent Bank stock opened at $64.19 on Monday. The company has a market capitalization of $2.73 billion, a PE ratio of 13.95 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm has a 50 day moving average price of $68.96 and a 200 day moving average price of $61.66.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the previous year, the business earned $1.38 EPS. Research analysts expect that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Monday, December 30th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.55%. The ex-dividend date is Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after buying an additional 186,680 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Independent Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after purchasing an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Independent Bank by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock valued at $30,964,000 after purchasing an additional 22,919 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares in the last quarter. Institutional investors and hedge funds 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.