Independent Bank (NASDAQ:INDB) Price Target Raised to $86.00

Independent Bank (NASDAQ:INDB) had its target price boosted by Barclays from $82.00 to $86.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an underweight rating on the bank’s stock.

INDB has been the subject of several other reports. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $92.43.

Independent Bank Price Performance

Shares of INDB opened at $84.35 on Tuesday. The firm has a market capitalization of $3.92 billion, a PE ratio of 12.38 and a beta of 0.74. The company’s 50-day moving average is $81.17 and its 200-day moving average is $80.80. Independent Bank has a fifty-two week low of $66.17 and a fifty-two week high of $88.58. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.93.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.85 by $0.05. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. The business had revenue of $261.95 million during the quarter, compared to the consensus estimate of $261.27 million. Equities analysts forecast that Independent Bank will post 7.25 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were paid a dividend of $0.64 per share. The ex-dividend date was Monday, September 28th. This represents a $2.56 annualized dividend and a yield of 3.0%. Independent Bank’s dividend payout ratio is presently 37.93%.

Insider Buying and Selling at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Independent Bank

Several large investors have recently bought and sold shares of INDB. Fifth Third Bancorp increased its holdings in Independent Bank by 35.3% in the 3rd quarter. Fifth Third Bancorp now owns 16,128 shares of the bank’s stock worth $1,252,000 after purchasing an additional 4,209 shares in the last quarter. Maryland State Retirement & Pension System raised its position in Independent Bank by 49.5% in the third quarter. Maryland State Retirement & Pension System now owns 10,510 shares of the bank’s stock valued at $816,000 after purchasing an additional 3,481 shares during the last quarter. Jefferies Financial Group Inc. boosted its stake in shares of Independent Bank by 95.7% during the third quarter. Jefferies Financial Group Inc. now owns 8,100 shares of the bank’s stock valued at $629,000 after purchasing an additional 3,962 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Independent Bank by 0.9% during the third quarter. Commonwealth Equity Services LLC now owns 99,713 shares of the bank’s stock valued at $7,743,000 after purchasing an additional 892 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Independent Bank by 37.8% during the third quarter. ProShare Advisors LLC now owns 121,950 shares of the bank’s stock valued at $9,469,000 after purchasing an additional 33,457 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.