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

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given a consensus rating of “Hold” by the two analysts that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation. The average 1-year price objective among analysts that have covered the stock in the last year is $60.00.

INDB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, April 22nd. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Independent Bank Stock Up 0.7 %

INDB opened at $52.73 on Wednesday. Independent Bank has a 1-year low of $43.28 and a 1-year high of $68.75. The stock’s fifty day simple moving average is $50.85 and its 200 day simple moving average is $54.97. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.24 billion, a PE ratio of 10.18 and a beta of 0.83.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors 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 positive change from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a dividend yield of 4.32%. Independent Bank’s payout ratio is 44.02%.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the sale, the director now directly owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC lifted its position in shares of Independent Bank by 5.1% in the 3rd quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock worth $289,000 after purchasing an additional 287 shares during the period. Covestor Ltd lifted its position in shares of Independent Bank by 13.5% in the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after purchasing an additional 310 shares during the period. Diversified Trust Co lifted its position in shares of Independent Bank by 3.5% in the 4th quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock worth $666,000 after purchasing an additional 345 shares during the period. Swiss National Bank lifted its position in shares of Independent Bank by 0.4% in the 3rd quarter. Swiss National Bank now owns 96,978 shares of the bank’s stock worth $4,761,000 after purchasing an additional 400 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Independent Bank by 4.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank’s stock worth $703,000 after purchasing an additional 434 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.