Independent Bank (NASDAQ:INDB) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Independent Bank (NASDAQ:INDB) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other brokerages have also commented on INDB. Raymond James restated a “strong-buy” rating and issued a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 21st.

Independent Bank Trading Up 0.0 %

Shares of NASDAQ INDB opened at $65.18 on Tuesday. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 14.42 and a beta of 0.77. The stock’s 50 day simple moving average is $66.45 and its 200 day simple moving average is $65.62. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities research analysts expect that Independent Bank will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio is currently 50.44%.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank 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 directly owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Venturi Wealth Management LLC bought a new stake in Independent Bank during the fourth quarter worth approximately $62,000. Smartleaf Asset Management LLC boosted its stake in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after acquiring an additional 542 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock worth $86,000 after acquiring an additional 1,191 shares during the last quarter. KBC Group NV raised its position in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares during the period. Finally, ST Germain D J Co. Inc. lifted its holdings in shares of Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

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.