Barclays Issues Positive Forecast for Independent Bank (NASDAQ:INDB) Stock Price

Key Points

• Barclays raised Independent Bank’s price target from $82 to $86 but maintained an “underweight” rating, implying only 1.54% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and average price target of $92.43; recent actions included Piper Sandler upgrading the stock to “strong buy.”
• Independent Bank exceeded quarterly expectations, reporting $1.90 in earnings per share versus the $1.85 consensus estimate and revenue of $261.95 million, slightly above forecasts.

Independent Bank (NASDAQ:INDB - Get Free Report) had its price target upped by equities researchers at Barclays from $82.00 to $86.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an "underweight" rating on the bank's stock. Barclays's target price suggests a potential upside of 1.54% from the company's previous close.

Several other analysts have also recently commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a report on Monday, July 20th. Finally, Piper Sandler upgraded shares of Independent Bank from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Independent Bank has a consensus rating of "Buy" and a consensus target price of $92.43.

Independent Bank Stock Performance

Shares of INDB stock traded down $0.21 during midday trading on Tuesday, hitting $84.70. The company had a trading volume of 12,613 shares, compared to its average volume of 362,710. The company's 50 day simple moving average is $81.07 and its 200 day simple moving average is $80.67. Independent Bank has a 52-week low of $66.17 and a 52-week high of $87.50. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 12.51 and a beta of 0.74. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.85 by $0.05. Independent Bank had a return on equity of 9.61% and a net margin of 24.27%. The business had revenue of $261.95 million during the quarter, compared to analysts' expectations of $261.27 million. Research analysts anticipate that Independent Bank will post 7.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the stock. Ballast Advisors LLC purchased a new stake in Independent Bank during the first quarter worth about $30,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Independent Bank during the 2nd quarter valued at approximately $48,000. Rockefeller Capital Management L.P. boosted its stake in shares of Independent Bank by 76.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank's stock worth $61,000 after acquiring an additional 362 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Independent Bank by 27.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank's stock worth $68,000 after acquiring an additional 193 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Independent Bank by 15.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the bank's stock worth $99,000 after acquiring an additional 168 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.

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