Independent Bank Corp. (NASDAQ:INDB) Stock Rated "Buy" by Sell-Side Analysts

Key Points

• Analysts have a consensus “Buy” rating on Independent Bank, with four buy and two strong-buy ratings versus one sell; the average 12-month price target is $92.43.
• The bank reported quarterly EPS of $1.90, beating the $1.85 consensus, and revenue of $261.95 million, slightly above expectations.
• Independent Bank paid a quarterly dividend of $0.64 per share, equivalent to $2.56 annually and a 3.0% yield.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has received a consensus recommendation of "Buy" from the seven ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $92.43.

A number of equities research analysts have issued reports on INDB shares. Piper Sandler upgraded Independent Bank from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 2nd. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a research note on Tuesday. Barclays upped their price target on Independent Bank from $82.00 to $86.00 and gave the stock an "underweight" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Monday, July 20th.

Independent Bank Stock Performance

NASDAQ:INDB traded down $0.30 during mid-day trading on Friday, hitting $84.10. 193,946 shares of the company traded hands, compared to its average volume of 481,454. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The stock's fifty day moving average price is $81.20 and its 200-day moving average price is $80.85. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 12.46 and a beta of 0.74. Independent Bank has a one year low of $66.17 and a one year high of $88.58.

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

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Monday, September 28th were given a dividend of $0.64 per share. The ex-dividend date was Monday, September 28th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. Independent Bank's dividend payout ratio is currently 37.93%.

Insiders Place Their Bets

In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INDB. BlackRock Inc. bought a new stake in shares of Independent Bank in the second quarter worth about $584,333,000. Reinhart Partners LLC. boosted its stake in Independent Bank by 1.3% during the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank's stock valued at $55,078,000 after buying an additional 8,575 shares during the last quarter. Bank of America Corp DE purchased a new position in Independent Bank during the 2nd quarter valued at approximately $44,640,000. Bank of New York Mellon Corp purchased a new position in Independent Bank during the 2nd quarter valued at approximately $41,268,000. Finally, NFJ Investment Group LLC bought a new stake in Independent Bank in the 2nd quarter worth approximately $35,278,000. Institutional investors own 83.40% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.