Independent Bank Corp. (NASDAQ:INDB) Given Average Recommendation of “Buy” by Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been given an average recommendation of “Buy” by the three ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and two have given a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $79.00.

INDB has been the subject of a number of research reports. Raymond James restated a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, March 15th.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $63.07 on Friday. The stock has a market cap of $2.69 billion, a PE ratio of 13.95 and a beta of 0.77. The business has a fifty day moving average of $66.34 and a two-hundred day moving average of $65.51. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23. 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 (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities research analysts expect that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.74%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date is Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new position in shares of Independent Bank during the 4th quarter worth about $62,000. Smartleaf Asset Management LLC grew its position in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC grew its position in shares of Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after buying an additional 1,191 shares during the period. KBC Group NV grew its position in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after buying an additional 490 shares during the period. Finally, ST Germain D J Co. Inc. grew its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after buying an additional 1,737 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.