Analysts Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $79.00

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned a consensus rating of “Buy” from the three brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $79.00.

INDB has been the topic of several analyst reports. Raymond James reiterated a “strong-buy” rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday, March 15th. Finally, Keefe, Bruyette & Woods lowered their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st.

Independent Bank Stock Performance

NASDAQ:INDB opened at $63.07 on Friday. The stock’s 50 day moving average price is $66.34 and its 200 day moving average price is $65.51. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a market capitalization of $2.69 billion, a P/E ratio of 13.95 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, research analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be paid a $0.59 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.74%. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of INDB. Los Angeles Capital Management LLC bought a new position in Independent Bank in the third quarter worth $257,000. Entropy Technologies LP bought a new position in Independent Bank in the third quarter worth $435,000. Empowered Funds LLC lifted its position in Independent Bank by 5.4% in the third quarter. Empowered Funds LLC now owns 117,223 shares of the bank’s stock worth $6,931,000 after purchasing an additional 5,974 shares during the period. LMR Partners LLP bought a new position in Independent Bank in the third quarter worth $351,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independent Bank during the third quarter valued at $222,000. 83.40% of the stock is owned by institutional investors.

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.