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

Shares of Independent Bank Corp. (NASDAQ:INDB - Get Free Report) have been given a consensus rating of "Buy" by the four research firms that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $71.00.

INDB has been the subject of several recent research reports. Wall Street Zen cut Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Piper Sandler reduced their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. CIBC Asset Management Inc boosted its position in Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after purchasing an additional 158 shares during the last quarter. HighTower Advisors LLC boosted its position in Independent Bank by 3.3% during the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock valued at $442,000 after purchasing an additional 226 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Independent Bank by 3.6% in the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock valued at $414,000 after buying an additional 232 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after acquiring an additional 236 shares during the period. Finally, Isthmus Partners LLC boosted its stake in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock worth $2,395,000 after acquiring an additional 245 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Down 0.9%

Shares of Independent Bank stock traded down $0.53 during trading hours on Thursday, hitting $60.97. The company's stock had a trading volume of 191,026 shares, compared to its average volume of 292,165. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23. The stock has a 50 day moving average of $59.86 and a 200 day moving average of $64.65. The company has a market capitalization of $2.60 billion, a PE ratio of 13.49 and a beta of 0.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.59 per share. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a yield of 3.87%. Independent Bank's dividend payout ratio is 53.15%.

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.