Independent Bank (NASDAQ:INDB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Independent Bank (NASDAQ:INDB - Free Report) from a sell rating to a hold rating in a research report released on Friday morning.

INDB has been the subject of a number of other reports. Keefe, Bruyette & Woods reduced their price target 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. Piper Sandler reduced their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Three research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Stock Performance

INDB stock traded up $3.79 during midday trading on Friday, reaching $69.48. The stock had a trading volume of 934,092 shares, compared to its average volume of 305,473. The firm has a fifty day simple moving average of $63.83 and a two-hundred day simple moving average of $63.40. Independent Bank has a 52-week low of $52.15 and a 52-week high of $77.23. 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 stock has a market cap of $2.96 billion, a PE ratio of 15.68 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.05. The firm 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 6.43% and a net margin of 18.93%. As a group, equities research analysts anticipate that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio is currently 53.27%.

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in shares of Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares during the period. Quarry LP increased its holdings in Independent Bank by 1,328.6% in the first quarter. Quarry LP now owns 1,300 shares of the bank's stock valued at $81,000 after buying an additional 1,209 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of Independent Bank by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after acquiring an additional 1,191 shares during the period. KBC Group NV boosted its stake in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after acquiring an additional 293 shares in the last quarter. Finally, ST Germain D J Co. Inc. grew its position in shares of Independent Bank by 358.4% during the 2nd quarter. ST Germain D J Co. Inc. now owns 2,223 shares of the bank's stock valued at $140,000 after acquiring an additional 1,738 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.

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.