Keefe, Bruyette & Woods Issues Pessimistic Forecast for Independent Bank (NASDAQ:INDB) Stock Price

Independent Bank (NASDAQ:INDB) had its target price dropped by Keefe, Bruyette & Woods from $82.00 to $80.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 18.78% from the company’s previous close.

A number of other equities analysts have also recently weighed in on INDB. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Raymond James reissued a “strong-buy” rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday. Two analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Independent Bank has a consensus rating of “Buy” and an average target price of $79.00.

Independent Bank Price Performance

INDB opened at $67.35 on Tuesday. The company has a fifty day moving average price of $68.24 and a two-hundred day moving average price of $63.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The firm has a market capitalization of $2.86 billion, a PE ratio of 14.90 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, analysts anticipate that Independent Bank will post 5.42 earnings per share for the current year.

Institutional Investors Weigh In On Independent Bank

Several institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after acquiring an additional 186,680 shares in the last quarter. Geode Capital Management LLC lifted its position in Independent Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after acquiring an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock valued at $30,964,000 after acquiring an additional 22,919 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Independent Bank by 59.8% in the 3rd 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 in the last quarter. Finally, Millennium Management LLC increased its stake in Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after buying an additional 215,860 shares during the last quarter. 83.40% of the stock is owned by 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.