Independent Bank (NASDAQ:INDB) Given New $82.00 Price Target at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price target increased by Keefe, Bruyette & Woods from $77.00 to $82.00 in a report issued on Thursday,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

INDB has been the topic of a number of other reports. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and an average price target of $78.00.

Independent Bank Stock Up 0.3 %

INDB opened at $71.60 on Thursday. The company has a market cap of $3.04 billion, a PE ratio of 15.57 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a 50 day moving average price of $67.35 and a 200 day moving average price of $59.90.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same period in the prior year, the firm earned $1.38 EPS. Sell-side analysts expect that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.18%. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of INDB. Innealta Capital LLC acquired a new position in Independent Bank in the second quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Independent Bank during the third quarter valued at $222,000. Profund Advisors LLC acquired a new stake in Independent Bank during the second quarter worth about $229,000. Los Angeles Capital Management LLC bought a new position in Independent Bank in the third quarter worth about $257,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after acquiring an additional 1,231 shares during the period. Institutional investors 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.