Independent Bank (NASDAQ:INDB) Stock Rating Upgraded by Keefe, Bruyette & Woods

Key Points

• Independent Bank (NASDAQ: INDB) received an upgrade from Keefe, Bruyette & Woods from "market perform" to "outperform," with a target price of $83.00, suggesting a potential upside of 20.99% from its previous close.
• The bank has seen mixed ratings from various analysts, with Zacks Research downgrading it to "hold" while others have maintained similar or improved ratings, reflecting a consensus average rating of "Moderate Buy."
• Shares of Independent Bank opened at $68.60, with a 52-week range of $52.15 to $77.23, and a market capitalization of $3.42 billion.

Independent Bank (NASDAQ:INDB - Get Free Report) was upgraded by Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a note issued to investors on Tuesday,Finviz reports. The brokerage presently has a $83.00 price target on the bank's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 20.99% from the stock's previous close.

INDB has been the subject of a number of other research reports. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Independent Research set a $83.00 target price on Independent Bank in a report on Tuesday. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Independent Bank in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $76.75.

Independent Bank Trading Up 3.6%

Shares of Independent Bank stock opened at $68.60 on Tuesday. Independent Bank has a 52-week low of $52.15 and a 52-week high of $77.23. The stock's 50-day simple moving average is $69.50 and its 200 day simple moving average is $64.80. The stock has a market capitalization of $3.42 billion, a P/E ratio of 16.69 and a beta of 0.85. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The business had revenue of $175.25 million for the quarter. As a group, research analysts anticipate that Independent Bank will post 5.41 EPS for the current year.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake 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 in the last quarter. KBC Group NV boosted its stake in Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after buying an additional 293 shares in the last quarter. GAMMA Investing LLC boosted its stake in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after buying an additional 262 shares in the last quarter. New York State Teachers Retirement System boosted its stake in Independent Bank by 3.2% in the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock worth $2,237,000 after buying an additional 1,121 shares in the last quarter. Finally, Rockland Trust Co. boosted its stake in Independent Bank by 21.1% in the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank's stock worth $43,268,000 after buying an additional 127,332 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

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.

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