Independent Bank (NASDAQ:INDB) Price Target Raised to $65.00 at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its target price increased by analysts at Keefe, Bruyette & Woods from $62.00 to $65.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 5.57% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Independent Bank Price Performance

INDB stock opened at $61.57 on Monday. Independent Bank has a one year low of $44.63 and a one year high of $68.75. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $2.61 billion, a PE ratio of 11.89 and a beta of 0.74. The firm has a 50 day simple moving average of $60.26 and a two-hundred day simple moving average of $54.99.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter last year, the company earned $1.38 EPS. On average, analysts predict that Independent Bank will post 4.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INDB. EntryPoint Capital LLC bought a new position in shares of Independent Bank during the 1st quarter valued at approximately $47,000. Innealta Capital LLC purchased a new position in shares of Independent Bank during the second quarter worth approximately $73,000. Profund Advisors LLC bought a new stake in Independent Bank during the 2nd quarter valued at $229,000. SG Americas Securities LLC increased its position in Independent Bank by 102.6% during the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after purchasing an additional 2,687 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after acquiring an additional 1,231 shares during the period. 83.40% of the stock is owned by hedge funds and other 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.