Independent Bank Corp. (NASDAQ:INDB) Given Consensus Rating of “Hold” by Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average recommendation of “Hold” from the two research firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $60.00.

A number of equities research analysts have recently weighed in on INDB shares. Keefe, Bruyette & Woods cut their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, April 22nd. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the sale, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.87% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Independent Bank by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after acquiring an additional 69,312 shares during the period. Victory Capital Management Inc. lifted its position in shares of Independent Bank by 1.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,907,345 shares of the bank’s stock worth $93,632,000 after acquiring an additional 25,094 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 10.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after acquiring an additional 164,254 shares during the period. Nuance Investments LLC lifted its position in shares of Independent Bank by 80.6% in the 3rd quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank’s stock worth $81,549,000 after acquiring an additional 741,609 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Independent Bank by 0.5% in the 3rd quarter. Northern Trust Corp now owns 677,367 shares of the bank’s stock worth $33,252,000 after acquiring an additional 3,359 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 0.7 %

INDB opened at $52.73 on Wednesday. Independent Bank has a fifty-two week low of $43.28 and a fifty-two week high of $68.75. The business has a 50-day moving average of $50.85 and a 200-day moving average of $55.05. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $2.24 billion, a PE ratio of 10.18 and a beta of 0.83.

Independent Bank Increases Dividend

The business also recently disclosed 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. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.32%. Independent Bank’s dividend payout ratio is currently 44.02%.

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.