Independent Bank (NASDAQ:INDB) Price Target Cut to $60.00

Independent Bank (NASDAQ:INDB) had its price target lowered by Keefe, Bruyette & Woods from $64.00 to $60.00 in a research note released on Monday, Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

Separately, TheStreet cut Independent Bank from a b- rating to a c+ rating in a research report on Wednesday, March 13th.

Independent Bank Price Performance

NASDAQ INDB opened at $52.35 on Monday. The company has a market cap of $2.22 billion, a PE ratio of 10.11 and a beta of 0.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The firm’s 50-day simple moving average is $50.87 and its two-hundred day simple moving average is $54.94. Independent Bank has a 52 week low of $43.28 and a 52 week high of $68.75.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.36%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank’s dividend payout ratio is presently 44.02%.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 800 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INDB. SG Americas Securities LLC purchased a new position in Independent Bank during the 3rd quarter valued at about $1,472,000. Eastern Bank purchased a new position in shares of Independent Bank during the third quarter valued at approximately $206,000. Boston Trust Walden Corp lifted its holdings in shares of Independent Bank by 6.6% during the third quarter. Boston Trust Walden Corp now owns 424,218 shares of the bank’s stock valued at $20,825,000 after purchasing an additional 26,204 shares during the last quarter. Raymond James & Associates boosted its position in shares of Independent Bank by 45.8% in the 3rd quarter. Raymond James & Associates now owns 109,149 shares of the bank’s stock worth $5,358,000 after purchasing an additional 34,264 shares in the last quarter. Finally, Canvas Wealth Advisors LLC purchased a new stake in shares of Independent Bank in the 3rd quarter worth approximately $399,000. 83.40% of the stock is currently owned by institutional investors.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.