Independent Bank (NASDAQ:INDB) Price Target Cut to $60.00

Independent Bank (NASDAQ:INDB - Free Report) had its price target decreased by Keefe, Bruyette & Woods from $64.00 to $60.00 in a report issued on Monday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank's stock.

Separately, TheStreet lowered shares of Independent Bank from a b- rating to a c+ rating in a research note on Wednesday, March 13th.

Independent Bank Stock Up 0.5 %

Shares of INDB traded up $0.23 during mid-day trading on Monday, reaching $50.79. The company's stock had a trading volume of 249,035 shares, compared to its average volume of 291,176. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank has a 12-month low of $43.28 and a 12-month high of $68.75. The stock has a market cap of $2.16 billion, a PE ratio of 9.82 and a beta of 0.83. The company's 50 day moving average is $50.92 and its 200 day moving average is $54.93.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The company had revenue of $177.16 million for the quarter, compared to analyst estimates of $176.75 million. Equities analysts anticipate that Independent Bank will post 4.53 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were paid a $0.57 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.49%. This is a boost from Independent Bank's previous quarterly dividend of $0.55. Independent Bank's payout ratio is currently 44.02%.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 800 shares of the firm's stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the transaction, the director now owns 11,640 shares of the company's stock, valued at $614,941.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC boosted its stake in shares of Independent Bank by 5.1% in the third quarter. HighTower Advisors LLC now owns 5,892 shares of the bank's stock valued at $289,000 after buying an additional 287 shares in the last quarter. Covestor Ltd increased its holdings in shares of Independent Bank by 13.5% in the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank's stock valued at $128,000 after purchasing an additional 310 shares in the last quarter. Diversified Trust Co boosted its holdings in Independent Bank by 3.5% during the fourth quarter. Diversified Trust Co now owns 10,116 shares of the bank's stock worth $666,000 after buying an additional 345 shares in the last quarter. Swiss National Bank grew its position in Independent Bank by 0.4% during the third quarter. Swiss National Bank now owns 96,978 shares of the bank's stock worth $4,761,000 after buying an additional 400 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of Independent Bank by 4.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank's stock worth $703,000 after buying an additional 434 shares during the period. 83.40% of the stock is 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.