Independent Bank (NASDAQ:INDB) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research note released on Friday morning.

Several other research analysts have also recently issued reports on INDB. Keefe, Bruyette & Woods increased their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday, December 12th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research report on Monday, October 21st. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $78.00.

Independent Bank Price Performance

Independent Bank stock opened at $67.04 on Friday. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50 day simple moving average of $68.49 and a 200-day simple moving average of $62.88. The stock has a market capitalization of $2.85 billion, a PE ratio of 14.57 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. Equities analysts predict that Independent Bank will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.40%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

Institutional Trading of Independent Bank

Large investors have recently bought and sold shares of the company. Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Independent Bank during the fourth quarter valued at $250,000. Assenagon Asset Management S.A. acquired a new stake in shares of Independent Bank during the fourth quarter valued at $5,586,000. ST Germain D J Co. Inc. boosted its stake in shares of Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,737 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after acquiring an additional 126,791 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Independent Bank during the third quarter valued at $2,060,000. 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.