Piper Sandler Has Lowered Expectations for Independent Bank (NASDAQ:INDB) Stock Price

Independent Bank (NASDAQ:INDB) had its price objective decreased by stock analysts at Piper Sandler from $74.00 to $63.00 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 10.60% from the company’s current price.

Several other equities analysts have also recently commented on INDB. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, April 18th. Raymond James reiterated a “strong-buy” rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Independent Bank has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

Independent Bank Stock Up 4.3 %

Shares of NASDAQ:INDB opened at $56.96 on Monday. The business’s 50 day moving average is $62.14 and its 200 day moving average is $65.26. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 12.60 and a beta of 0.84. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The firm had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, sell-side analysts forecast that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank during the 4th quarter valued at approximately $62,000. Smartleaf Asset Management LLC boosted its holdings in Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC grew its stake in Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. Finally, KBC Group NV raised its holdings in Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after acquiring an additional 490 shares during the period. 83.40% of the stock is currently owned by institutional investors.

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.