Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Buy” from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been assigned an average recommendation of “Buy” from the two research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $60.00.

A number of research firms have issued reports on INDB. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in INDB. Goldman Sachs Group Inc. raised its holdings in shares of Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock worth $33,513,000 after purchasing an additional 25,664 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Independent Bank in the 1st quarter worth approximately $1,169,000. BNP Paribas Financial Markets raised its holdings in shares of Independent Bank by 89.8% in the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after purchasing an additional 11,244 shares in the last quarter. Edgestream Partners L.P. raised its holdings in shares of Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after purchasing an additional 43,391 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Independent Bank in the 1st quarter worth approximately $461,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Trading Down 1.1 %

Independent Bank stock opened at $58.44 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $60.71 and a two-hundred day moving average price of $53.96. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 11.28 and a beta of 0.75. Independent Bank has a 52-week low of $44.63 and a 52-week high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. The firm had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same period in the previous year, the business posted $1.42 EPS. Sell-side analysts expect that Independent Bank will post 4.68 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be given a dividend of $0.57 per share. The ex-dividend date is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.90%. Independent Bank’s dividend payout ratio (DPR) is 44.02%.

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.