Independent Bank Corp. (NASDAQ:INDB) Receives $60.00 Average Price Target from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus recommendation of “Hold” from the two ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $60.00.

A number of analysts recently weighed in on INDB shares. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, April 22nd. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.

Independent Bank Stock Up 0.7 %

INDB opened at $52.73 on Wednesday. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 10.18 and a beta of 0.83. Independent Bank has a fifty-two week low of $43.28 and a fifty-two week high of $68.75. 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 firm’s fifty day moving average is $50.85 and its 200 day moving average is $54.97.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.32%. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is currently 44.02%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were 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 of the company’s stock, valued at approximately $614,941.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently made changes to their positions in INDB. HighTower Advisors LLC raised its holdings in shares of Independent Bank by 5.1% in the 3rd quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock valued at $289,000 after purchasing an additional 287 shares in the last quarter. Covestor Ltd raised 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 raised its holdings in shares of Independent Bank by 3.5% in the 4th quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock valued at $666,000 after purchasing an additional 345 shares in the last quarter. Swiss National Bank grew its position in shares of Independent Bank by 0.4% in the 3rd quarter. Swiss National Bank now owns 96,978 shares of the bank’s stock valued at $4,761,000 after buying an additional 400 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Independent Bank by 4.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock valued at $703,000 after buying an additional 434 shares during the last quarter. 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.