Independent Bank Corp. (NASDAQ:INDB) Receives $71.00 Consensus Target Price from Analysts

Independent Bank Corp. (NASDAQ:INDB) has been assigned a consensus recommendation of “Buy” from the four ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $71.00.

Several research firms have commented on INDB. Piper Sandler lowered their price target on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Wall Street Zen downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods lowered their price target on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. GAMMA Investing LLC boosted its position in shares of Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after buying an additional 262 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in Independent Bank during the fourth quarter worth approximately $62,000. Smartleaf Asset Management LLC boosted its holdings in Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after acquiring an additional 542 shares during the last quarter. Quarry LP grew its holdings in shares of Independent Bank by 1,328.6% during the 1st quarter. Quarry LP now owns 1,300 shares of the bank’s stock worth $81,000 after purchasing an additional 1,209 shares during the period. Finally, Sterling Capital Management LLC increased its holdings in Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,191 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Independent Bank stock opened at $61.78 on Monday. Independent Bank has a 1 year low of $46.06 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. The company’s 50 day simple moving average is $61.55 and its 200-day simple moving average is $63.63. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.91 and a beta of 0.84.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The business had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. As a group, equities research analysts expect that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Monday, June 30th. Independent Bank’s dividend payout ratio (DPR) is currently 53.15%.

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.