Independent Bank Corp. (NASDAQ:INDB) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Independent Bank Corp. (NASDAQ:INDB) has received an average recommendation of "Hold" from five analysts, with one analyst issuing a strong buy rating.
• The bank recently declared a quarterly dividend of $0.59, representing an annualized yield of 3.4% and a payout ratio of 53.27%.
• Independent Bank's stock price recently rose to $69.45, with a market cap of $3.47 billion and a P/E ratio of 15.68.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has earned an average recommendation of "Hold" from the five analysts that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $71.00.

INDB has been the topic of several research analyst reports. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Weiss Ratings restated a "hold (c+)" rating on shares of Independent Bank in a research report on Saturday, September 27th. Finally, Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Independent Bank by 2.7% in the first quarter. Principal Financial Group Inc. now owns 211,600 shares of the bank's stock worth $13,257,000 after buying an additional 5,521 shares during the last quarter. KBC Group NV boosted its stake in Independent Bank by 15.3% during the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after buying an additional 293 shares during the period. GAMMA Investing LLC lifted its stake in Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after purchasing an additional 262 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Independent Bank by 3.2% during the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock worth $2,237,000 after purchasing an additional 1,121 shares during the last quarter. Finally, Rockland Trust Co. lifted its stake in Independent Bank by 21.1% during the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank's stock worth $43,268,000 after purchasing an additional 127,332 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Trading Up 0.8%

Shares of INDB stock traded up $0.56 on Friday, hitting $69.45. The company had a trading volume of 350,927 shares, compared to its average volume of 302,874. The firm has a market cap of $3.47 billion, a P/E ratio of 15.68 and a beta of 0.85. The stock's 50-day moving average is $68.59 and its two-hundred day moving average is $64.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank has a twelve month low of $52.15 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. On average, equities research analysts anticipate that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th will be issued a $0.59 dividend. The ex-dividend date is Monday, September 29th. This represents a $2.36 annualized dividend and a yield of 3.4%. Independent Bank's dividend payout ratio is presently 53.27%.

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.

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