Independent Bank (NASDAQ:INDB) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Independent Bank Corp. (NASDAQ:INDB) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $62.12 and traded as high as $64.98. Independent Bank shares last traded at $63.44, with a volume of 185,059 shares.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on INDB. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday, December 12th. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and a consensus price target of $78.00.

Independent Bank Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a 50 day moving average of $69.00 and a 200 day moving average of $62.12. The stock has a market capitalization of $2.70 billion, a P/E ratio of 13.79 and a beta of 0.78.

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

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.59%. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INDB. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after purchasing an additional 186,680 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Independent Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock worth $60,170,000 after buying an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after acquiring an additional 22,919 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after acquiring an additional 126,791 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Independent Bank by 258.9% during the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after acquiring an additional 215,860 shares during the period. 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.