Independent Bank (NASDAQ:INDB) Given New $60.00 Price Target at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price objective trimmed by Keefe, Bruyette & Woods from $64.00 to $60.00 in a report published on Monday, Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

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

Independent Bank Trading Up 0.5 %

INDB opened at $50.79 on Monday. Independent Bank has a twelve month low of $43.28 and a twelve month high of $68.75. The company has a 50-day simple moving average of $50.85 and a 200 day simple moving average of $54.94. 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 has a market capitalization of $2.16 billion, a price-to-earnings ratio of 9.81 and a beta of 0.83.

Independent Bank Increases Dividend

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

Insider Buying and Selling

In other news, Director Donna L. Abelli sold 800 shares of the stock in a transaction dated 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 transaction, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently made changes to their positions in the stock. Sachetta LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at approximately $56,000. Covestor Ltd boosted its stake 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. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at approximately $217,000. Eastern Bank acquired a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $206,000. Finally, TFO Wealth Partners LLC boosted its stake in shares of Independent Bank by 215,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after purchasing an additional 4,302 shares in 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.