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Equities researchers at SunTrust decreased their target price on shares of Independent Bank Corp. (NASDAQ:INDB) from $40.00 to $39.00 in a research report issued on Friday. SunTrust’s target price would suggest a potential upside of 10.48% from the stock’s previous close.

Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 35.30 on Friday. Independent Bank Corp. has a one year low of $32.97 and a one year high of $41.17. The stock’s 50-day moving average is $37.42 and its 200-day moving average is $37.33. The company has a market cap of $843.6 million and a price-to-earnings ratio of 15.51.

Independent Bank Corp. (NASDAQ:INDB) last announced its earnings results on Thursday, July 17th. The company reported $0.63 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.63. During the same quarter in the prior year, the company posted $0.58 earnings per share. On average, analysts predict that Independent Bank Corp. will post $2.48 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Sandler O’Neill upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a research note on Friday. Separately, analysts at Guggenheim upgraded shares of Independent Bank Corp. from a “neutral” rating to a “buy” rating in a research note on Thursday. They now have a $41.00 price target on the stock. Finally, analysts at Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Independent Bank Corp. in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $40.00.

Independent Bank Corp. is a bank holding company. The Company owns 100% interest in Rockland Trust Company (NASDAQ:INDB), a trust company.

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