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

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has received a consensus recommendation of "Buy" from the four research firms that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $71.00.

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

Independent Bank Stock Down 0.3%

Independent Bank stock opened at $61.06 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $2.60 billion, a PE ratio of 13.75 and a beta of 0.84. Independent Bank has a twelve month low of $46.06 and a twelve month high of $77.23. The firm's 50 day moving average price is $61.11 and its two-hundred day moving average price is $63.72.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). The business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. On average, research analysts predict that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 7th. Investors of record on Monday, June 30th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Monday, June 30th. Independent Bank's dividend payout ratio is currently 53.15%.

Institutional Trading of Independent Bank

Several large investors have recently modified their holdings of INDB. GAMMA Investing LLC boosted its holdings in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after buying an additional 262 shares during the period. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank during the 4th quarter worth $62,000. Smartleaf Asset Management LLC boosted its holdings in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after buying an additional 542 shares during the period. Quarry LP boosted its holdings in shares of Independent Bank by 1,328.6% during the 1st quarter. Quarry LP now owns 1,300 shares of the bank's stock worth $81,000 after buying an additional 1,209 shares during the period. Finally, Sterling Capital Management LLC boosted its holdings in shares of Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after buying an additional 1,191 shares during the period. 83.40% of the stock is owned by institutional investors.

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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