Analysts Set Independent Bank Corp (INDB) PT at $84.00

Shares of Independent Bank Corp (NASDAQ:INDB) have been given a consensus rating of “Hold” by the seven ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and one has issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $84.00.

INDB has been the subject of a number of analyst reports. BidaskClub raised shares of Independent Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, October 19th. ValuEngine cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, September 24th. Zacks Investment Research raised shares of Independent Bank from a “hold” rating to a “buy” rating and set a $96.00 price objective for the company in a research note on Thursday, September 27th. Finally, Compass Point cut shares of Independent Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 8th.

INDB opened at $71.80 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank has a 1-year low of $66.12 and a 1-year high of $95.00. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 21.43 and a beta of 1.03.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 18th. The bank reported $1.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.06). The business had revenue of $99.50 million during the quarter, compared to the consensus estimate of $99.40 million. Independent Bank had a return on equity of 12.21% and a net margin of 28.75%. On average, equities analysts anticipate that Independent Bank will post 4.67 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 11th. Stockholders of record on Tuesday, December 31st were paid a $0.38 dividend. The ex-dividend date was Monday, December 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.12%. Independent Bank’s dividend payout ratio (DPR) is presently 45.37%.

Several hedge funds and other institutional investors have recently made changes to their positions in INDB. HPM Partners LLC purchased a new stake in shares of Independent Bank in the third quarter worth $200,000. Diversified Trust Co purchased a new position in Independent Bank during the third quarter valued at $202,000. HM Payson & Co. purchased a new position in Independent Bank during the third quarter valued at $207,000. Flagship Harbor Advisors LLC grew its stake in Independent Bank by 132.5% during the third quarter. Flagship Harbor Advisors LLC now owns 2,571 shares of the bank’s stock valued at $209,000 after acquiring an additional 1,465 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Independent Bank during the third quarter valued at $348,000. 80.95% of the stock is owned by hedge funds and other institutional investors.

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

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