Brokerages Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $60.00

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average rating of “Buy” from the two analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $60.00.

INDB has been the subject of a number of recent analyst reports. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC acquired a new position in Independent Bank in the fourth quarter worth $217,000. Norges Bank acquired a new position in shares of Independent Bank in the 4th quarter valued at about $32,784,000. Clearbridge Investments LLC grew its position in shares of Independent Bank by 0.6% during the 4th quarter. Clearbridge Investments LLC now owns 303,905 shares of the bank’s stock valued at $20,000,000 after buying an additional 1,917 shares during the last quarter. Aigen Investment Management LP acquired a new stake in Independent Bank during the fourth quarter worth about $447,000. Finally, Hsbc Holdings PLC lifted its holdings in Independent Bank by 902.8% in the fourth quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock worth $17,730,000 after acquiring an additional 241,558 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Trading Down 1.1 %

Shares of INDB opened at $58.86 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 12 month low of $44.63 and a 12 month high of $68.75. The stock has a market cap of $2.50 billion, a PE ratio of 11.36 and a beta of 0.75. The stock’s 50-day moving average is $60.66 and its two-hundred day moving average is $53.92.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. The company had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter last year, the firm posted $1.42 earnings per share. Equities analysts forecast that Independent Bank will post 4.68 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Monday, September 30th. Independent Bank’s dividend payout ratio is presently 44.02%.

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.