Independent Bank Corp. (NASDAQ:INDB) Given Consensus Rating of “Buy” by Brokerages

Independent Bank Corp. (NASDAQ:INDB) has received a consensus recommendation of “Buy” from the three analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $79.00.

INDB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new position in Independent Bank during the 4th quarter worth approximately $2,157,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Independent Bank by 17.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,284 shares of the bank’s stock worth $6,245,000 after acquiring an additional 14,236 shares during the last quarter. Voloridge Investment Management LLC boosted its stake in Independent Bank by 2.3% during the 4th quarter. Voloridge Investment Management LLC now owns 209,963 shares of the bank’s stock worth $13,478,000 after acquiring an additional 4,798 shares during the last quarter. Squarepoint Ops LLC bought a new position in Independent Bank during the 4th quarter worth approximately $3,207,000. Finally, Twinbeech Capital LP bought a new position in Independent Bank during the 4th quarter worth approximately $503,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Up 3.7 %

Shares of NASDAQ:INDB opened at $63.66 on Friday. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23. The company’s 50-day moving average price is $66.20 and its two-hundred day moving average price is $65.49. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market cap of $2.71 billion, a P/E ratio of 14.08 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 analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, research analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

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.