Independent Bank (NASDAQ:INDB - Get Free Report) had its price target cut by analysts at Piper Sandler from $74.00 to $63.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. Piper Sandler's price objective would indicate a potential upside of 8.55% from the stock's current price.
INDB has been the topic of several other research reports. Raymond James reiterated a "strong-buy" rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, Keefe, Bruyette & Woods lowered their price target on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $71.00.
View Our Latest Report on INDB
Independent Bank Stock Performance
Shares of INDB stock traded down $0.32 during mid-day trading on Monday, reaching $58.04. The stock had a trading volume of 225,640 shares, compared to its average volume of 285,233. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 12.84 and a beta of 0.84. The business's fifty day moving average is $61.48 and its 200-day moving average is $65.22.
Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results 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 net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. On average, research analysts forecast that Independent Bank will post 5.41 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were 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 of the company's stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is owned by insiders.
Institutional Investors Weigh In On Independent Bank
Several institutional investors have recently added to or reduced their stakes in INDB. HighTower Advisors LLC raised its holdings in shares of Independent Bank by 6.8% in the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock valued at $383,000 after buying an additional 415 shares during the last quarter. Barclays PLC raised its stake in Independent Bank by 75.0% during the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after acquiring an additional 40,697 shares during the last quarter. World Investment Advisors LLC lifted its position in Independent Bank by 2.4% during the 3rd quarter. World Investment Advisors LLC now owns 51,722 shares of the bank's stock worth $3,058,000 after acquiring an additional 1,222 shares during the period. Franklin Resources Inc. purchased a new position in shares of Independent Bank in the 3rd quarter valued at approximately $2,060,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after purchasing an additional 126,791 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.
About Independent Bank
(
Get Free Report)
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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