Independent Bank (NASDAQ:INDB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Independent Bank (NASDAQ:INDB) had its price objective increased by Keefe, Bruyette & Woods from $65.00 to $77.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

INDB has been the topic of a number of other 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 upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.50.

Independent Bank Trading Up 1.1 %

Shares of Independent Bank stock opened at $72.34 on Wednesday. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company’s 50-day simple moving average is $65.76 and its 200-day simple moving average is $59.17. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 15.73 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $173.24 million. During the same period in the previous year, the business posted $1.38 earnings per share. As a group, equities research analysts anticipate that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.15%. Independent Bank’s payout ratio is currently 49.57%.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the business. Hennessy Advisors Inc. lifted its holdings in shares of Independent Bank by 20.7% in the second quarter. Hennessy Advisors Inc. now owns 35,000 shares of the bank’s stock valued at $1,775,000 after purchasing an additional 6,000 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Independent Bank in the second quarter valued at about $5,405,000. Eastern Bank lifted its holdings in shares of Independent Bank by 454.7% in the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after purchasing an additional 19,048 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Independent Bank by 186.3% in the second quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock valued at $770,000 after purchasing an additional 9,881 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Independent Bank by 11.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock valued at $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Company Profile

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.