Independent Bank (NASDAQ:INDB) Price Target Cut to $72.00 by Analysts at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB - Free Report) had its target price reduced by Keefe, Bruyette & Woods from $80.00 to $72.00 in a research report report published on Monday morning,Benzinga reports. They currently have a market perform rating on the bank's stock.

INDB has been the subject of a number of other reports. Piper Sandler reduced their price target 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. StockNews.com upgraded Independent Bank from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, Raymond James restated a "strong-buy" rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Price Performance

NASDAQ INDB traded down $0.32 on Monday, hitting $58.04. The company had a trading volume of 225,640 shares, compared to its average volume of 285,345. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company's fifty day moving average price is $61.48 and its 200-day moving average price is $65.22. The company has a market capitalization of $2.47 billion, a PE ratio of 12.84 and a beta of 0.84. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The company had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. As a group, analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a $0.59 dividend. 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 yield of 4.07%. Independent Bank's payout ratio is presently 53.15%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its stake in Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after purchasing an additional 126,791 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Independent Bank by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after purchasing an additional 5,792 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Independent Bank in the 4th quarter valued at $5,586,000. Barclays PLC raised its position in Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after buying an additional 40,697 shares during the last quarter. Finally, Natixis Advisors LLC purchased a new position in Independent Bank in the fourth quarter worth $722,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.