Keefe, Bruyette & Woods Cuts Independent Bank (NASDAQ:INDB) Price Target to $80.00

Independent Bank (NASDAQ:INDB) had its price objective reduced by Keefe, Bruyette & Woods from $82.00 to $80.00 in a research report report published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

A number of other analysts have also recently weighed in on the stock. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Raymond James reissued a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of “Buy” and a consensus price target of $79.00.

Independent Bank Trading Down 2.2 %

Independent Bank stock opened at $65.88 on Tuesday. 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 $2.80 billion, a price-to-earnings ratio of 14.58 and a beta of 0.78. The business has a 50 day moving average price of $68.13 and a two-hundred day moving average price of $63.37. 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 issued its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities analysts forecast that Independent Bank will post 5.42 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s payout ratio is 50.44%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in Independent Bank by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after purchasing an additional 186,680 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after buying an additional 1,231 shares during the last quarter. Intech Investment Management LLC acquired a new position in Independent Bank during the 2nd quarter worth about $830,000. Sei Investments Co. grew its holdings in Independent Bank by 129.6% during the 2nd quarter. Sei Investments Co. now owns 53,763 shares of the bank’s stock worth $2,727,000 after acquiring an additional 30,351 shares during the last quarter. Finally, Profund Advisors LLC acquired a new stake in Independent Bank in the 2nd quarter valued at about $229,000. 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.