Independent Bank (NASDAQ:INDB) Upgraded by Raymond James to Strong-Buy

Independent Bank (NASDAQ:INDB) was upgraded by stock analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a note issued to investors on Monday, Briefing.com reports. The firm presently has a $74.00 price target on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 20.19% from the company’s previous close.

A number of other research analysts have also recently commented on INDB. Keefe, Bruyette & Woods boosted their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Stock Down 5.4 %

INDB opened at $61.57 on Monday. Independent Bank has a 1 year low of $44.63 and a 1 year high of $68.75. The firm has a 50 day moving average price of $60.26 and a 200 day moving average price of $54.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $2.61 billion, a PE ratio of 11.89 and a beta of 0.74.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the prior year, the business earned $1.38 earnings per share. Sell-side analysts expect that Independent Bank will post 4.49 earnings per share for the current year.

Institutional Inflows and Outflows

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