Keefe, Bruyette & Woods Lowers Independent Bank (NASDAQ:INDB) Price Target to $60.00

Independent Bank (NASDAQ:INDB) had its price objective cut by Keefe, Bruyette & Woods from $64.00 to $60.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 17.90% from the stock’s current price.

Separately, TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Independent Bank Stock Performance

Shares of INDB stock opened at $50.89 on Monday. The stock has a fifty day moving average price of $50.92 and a 200 day moving average price of $54.93. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $2.16 billion, a PE ratio of 9.82 and a beta of 0.83. Independent Bank has a 1 year low of $43.28 and a 1 year high of $68.75.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $177.16 million during the quarter, compared to the consensus estimate of $176.75 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. Sell-side analysts forecast that Independent Bank will post 4.53 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Donna L. Abelli sold 800 shares of Independent Bank 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 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 document filed with the SEC, which is available at the SEC website. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 4.1% during the first quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock valued at $442,929,000 after buying an additional 215,685 shares during the period. State Street Corp lifted its stake in shares of Independent Bank by 2.4% during the 1st quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after purchasing an additional 54,624 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Independent Bank by 1.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,907,345 shares of the bank’s stock worth $93,632,000 after purchasing an additional 25,094 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank by 10.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after purchasing an additional 164,254 shares during the last quarter. Finally, Nuance Investments LLC grew its position in shares of Independent Bank by 80.6% in the third quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock valued at $81,549,000 after purchasing an additional 741,609 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

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.