Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Rating of "Buy" from Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB - Get Free Report) have been assigned an average recommendation of "Buy" from the four ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $71.00.

A number of research firms recently commented on INDB. Wall Street Zen cut Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Keefe, Bruyette & Woods cut 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. Finally, Piper Sandler reduced their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. CIBC Asset Management Inc increased its stake in shares of Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock worth $270,000 after purchasing an additional 158 shares during the period. HighTower Advisors LLC boosted its stake in Independent Bank by 3.3% in the 1st 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 period. PNC Financial Services Group Inc. grew its holdings in Independent Bank by 3.6% in the 1st 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 in the last quarter. GHP Investment Advisors Inc. increased its position in 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 buying an additional 236 shares during the period. Finally, Isthmus Partners LLC increased its position in 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 buying an additional 245 shares during the period. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Down 0.7%

Shares of NASDAQ:INDB traded down $0.46 during midday trading on Thursday, hitting $61.67. The stock had a trading volume of 244,469 shares, compared to its average volume of 292,221. Independent Bank has a 12 month low of $45.11 and a 12 month 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 0.23. The business's 50-day simple moving average is $59.94 and its 200-day simple moving average is $64.83. The company has a market cap of $2.63 billion, a P/E ratio of 13.64 and a beta of 0.82.

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

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a dividend of $0.59 per share. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.83%. Independent Bank's payout ratio is presently 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.