Independent Bank Corp. (NASDAQ:INDB) Given Average Rating of “Buy” by Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have received an average rating of “Buy” from the three ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and two have given a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $79.00.

A number of analysts have weighed in on INDB shares. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, March 15th. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st.

Independent Bank Stock Up 0.7 %

Shares of INDB opened at $64.04 on Friday. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The company has a market cap of $2.73 billion, a P/E ratio of 14.17 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $66.27 and a two-hundred day simple moving average of $65.52.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 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%. Research analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.87% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

A number of institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock valued at $148,835,000 after acquiring an additional 36,335 shares during the last quarter. Geode Capital Management LLC boosted its position in Independent Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after acquiring an additional 8,987 shares during the last quarter. Deprince Race & Zollo Inc. boosted its position in Independent Bank by 687.2% during the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock valued at $60,868,000 after acquiring an additional 827,793 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Independent Bank by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after acquiring an additional 21,289 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock valued at $30,128,000 after acquiring an additional 46,046 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Company Profile

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.