Independent Bank Corp. (NASDAQ:INDB) Receives Average Rating of "Hold" from Brokerages

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has received a consensus rating of "Hold" from the two brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $60.00.

INDB has been the subject of a number of recent analyst reports. TheStreet cut shares of Independent Bank from a "b-" rating to a "c+" rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $64.00 to $60.00 and set a "market perform" rating on the stock in a research note on Monday, April 22nd.

Independent Bank Price Performance

NASDAQ INDB traded up $0.25 during trading on Friday, reaching $52.95. 155,960 shares of the company traded hands, compared to its average volume of 252,447. Independent Bank has a 1-year low of $43.28 and a 1-year high of $68.75. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 10.22 and a beta of 0.84. The stock's 50 day moving average price is $50.77 and its two-hundred day moving average price is $55.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The company had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. As a group, analysts anticipate that Independent Bank will post 4.46 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.31%. This is a boost from Independent Bank's previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank's payout ratio is currently 44.02%.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the firm's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Sachetta LLC acquired a new stake in Independent Bank during the 4th quarter worth $56,000. EntryPoint Capital LLC bought a new stake in Independent Bank in the first quarter valued at about $47,000. Covestor Ltd increased its holdings in Independent Bank by 13.5% in the third quarter. Covestor Ltd now owns 2,598 shares of the bank's stock valued at $128,000 after purchasing an additional 310 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in Independent Bank during the fourth quarter worth about $217,000. Finally, TFO Wealth Partners LLC grew its position in shares of Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank's stock worth $283,000 after buying an additional 4,302 shares during the period. 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.