Independent Bank (NASDAQ:INDB) PT Lowered to $60.00

Independent Bank (NASDAQ:INDB) had its price objective reduced by analysts at Keefe, Bruyette & Woods from $64.00 to $60.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 14.90% from the company’s previous close.

Separately, TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Independent Bank Stock Up 2.8 %

Shares of INDB opened at $52.22 on Monday. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 10.08 and a beta of 0.83. Independent Bank has a 1 year low of $43.28 and a 1 year high of $68.75. The business’s 50 day simple moving average is $50.87 and its 200-day simple moving average is $54.97. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction 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 transaction, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in shares of Independent Bank during the 3rd quarter worth $1,472,000. Eastern Bank bought a new position in shares of Independent Bank during the 3rd quarter worth $206,000. Boston Trust Walden Corp grew its position in shares of Independent Bank by 6.6% during the 3rd quarter. Boston Trust Walden Corp now owns 424,218 shares of the bank’s stock worth $20,825,000 after buying an additional 26,204 shares in the last quarter. Raymond James & Associates grew its position in shares of Independent Bank by 45.8% during the 3rd quarter. Raymond James & Associates now owns 109,149 shares of the bank’s stock worth $5,358,000 after buying an additional 34,264 shares in the last quarter. Finally, Canvas Wealth Advisors LLC bought a new position in shares of Independent Bank during the 3rd quarter worth $399,000. Institutional investors own 83.40% of the company’s stock.

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.