Brokerages Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $84.67

Independent Bank Corp. (NASDAQ:INDB) has received a consensus recommendation of “Buy” from the six brokerages that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $84.67.

Several research analysts have recently issued reports on INDB shares. Seaport Global Securities raised Independent Bank from a “neutral” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Monday, May 3rd. Piper Sandler raised Independent Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $86.00 to $90.00 in a research report on Friday, April 23rd. Finally, Zacks Investment Research lowered Independent Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, May 5th.

Shares of NASDAQ:INDB traded up $1.43 during trading on Monday, hitting $80.19. The stock had a trading volume of 148,102 shares, compared to its average volume of 171,117. Independent Bank has a 12 month low of $49.25 and a 12 month high of $99.85. The company has a market capitalization of $2.65 billion, a PE ratio of 20.15 and a beta of 1.01. The firm’s fifty day moving average is $82.51 and its 200 day moving average is $78.23. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Wednesday, April 21st. The bank reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.17. Independent Bank had a return on equity of 7.97% and a net margin of 24.99%. The firm had revenue of $120.83 million during the quarter, compared to analyst estimates of $115.38 million. Equities research analysts expect that Independent Bank will post 3.57 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 9th. Investors of record on Monday, March 29th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend was Friday, March 26th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.46. Independent Bank’s dividend payout ratio (DPR) is 34.16%.

In related news, COO Robert D. Cozzone sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $83.24, for a total transaction of $83,240.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.17% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the business. Comerica Bank increased its holdings in shares of Independent Bank by 0.4% in the 4th quarter. Comerica Bank now owns 34,633 shares of the bank’s stock worth $2,704,000 after purchasing an additional 147 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Independent Bank by 3.6% in the 4th quarter. Captrust Financial Advisors now owns 4,860 shares of the bank’s stock worth $357,000 after purchasing an additional 170 shares in the last quarter. GHP Investment Advisors Inc. increased its holdings in shares of Independent Bank by 1.2% in the 1st quarter. GHP Investment Advisors Inc. now owns 21,382 shares of the bank’s stock worth $1,800,000 after purchasing an additional 251 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Independent Bank by 7.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 4,410 shares of the bank’s stock worth $371,000 after purchasing an additional 293 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Independent Bank by 2.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,730 shares of the bank’s stock worth $784,000 after purchasing an additional 300 shares in the last quarter. 80.44% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Further Reading: What is a Buy-Side Analyst?

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