Brokerages Set Independent Bank Corp. (NASDAQ:INDB) PT at $60.00

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

INDB has been the subject of several recent research reports. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 22nd.

Independent Bank Trading Down 5.1 %

INDB opened at $51.29 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock’s fifty day moving average is $50.90 and its two-hundred day moving average is $55.45. The company has a market capitalization of $2.18 billion, a P/E ratio of 9.90 and a beta of 0.84. Independent Bank has a 52 week low of $43.28 and a 52 week high of $68.75.

Independent Bank (NASDAQ:INDB) 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 firm had revenue of $167.38 million for the quarter, compared to analysts’ expectations of $171.80 million. Analysts forecast that Independent Bank will post 4.46 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were issued a $0.57 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date was Thursday, March 28th. Independent Bank’s dividend payout ratio (DPR) 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 that occurred on 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 directly owns 11,640 shares in the company, valued at $614,941.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new stake in Independent Bank during the 1st quarter worth about $47,000. Sachetta LLC acquired a new position in Independent Bank in the 4th quarter worth approximately $56,000. Covestor Ltd raised its position in Independent Bank by 13.5% during the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after buying an additional 310 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Independent Bank during the 3rd quarter valued at approximately $217,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in Independent Bank during the 4th quarter valued at approximately $217,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.