Independent Bank (NASDAQ:INDB) Price Target Lowered to $60.00 at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price target trimmed by Keefe, Bruyette & Woods from $64.00 to $60.00 in a research note issued to investors 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 report on Wednesday, March 13th.

Independent Bank Stock Up 1.3 %

Shares of NASDAQ:INDB opened at $52.92 on Monday. 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 business has a fifty day moving average of $50.90 and a two-hundred day moving average of $54.96. The stock has a market cap of $2.25 billion, a P/E ratio of 10.22 and a beta of 0.83. 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. Stockholders of record on Monday, April 1st were issued a dividend of $0.57 per share. The ex-dividend date was Thursday, March 28th. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.31%. Independent Bank’s dividend payout ratio is currently 44.02%.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 800 shares of the stock in a transaction 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 transaction, the director now directly owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Stablepoint Partners LLC boosted its holdings in Independent Bank by 13.5% during the 1st quarter. Stablepoint Partners LLC now owns 21,213 shares of the bank’s stock valued at $1,104,000 after acquiring an additional 2,527 shares during the period. Plimoth Trust Co. LLC boosted its holdings in Independent Bank by 6.0% during the 1st quarter. Plimoth Trust Co. LLC now owns 8,900 shares of the bank’s stock valued at $463,000 after acquiring an additional 500 shares during the period. Vanguard Group Inc. boosted its holdings in Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after acquiring an additional 69,312 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Independent Bank by 5.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after acquiring an additional 25,664 shares during the period. Finally, Rafferty Asset Management LLC boosted its holdings in Independent Bank by 58.8% during the 4th quarter. Rafferty Asset Management LLC now owns 53,486 shares of the bank’s stock valued at $3,520,000 after acquiring an additional 19,810 shares during the period. 83.40% of the stock is currently 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.