Independent Bank Corp. (NASDAQ:INDB) Given Consensus Recommendation of “Hold” by Brokerages

Independent Bank Corp. (NASDAQ:INDB) has earned an average rating of “Hold” from the two ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation. The average twelve-month price target among brokers that have covered the stock in the last year is $60.00.

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 22nd. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Independent Bank Stock Up 0.7 %

Shares of NASDAQ:INDB opened at $52.73 on Wednesday. The firm has a market cap of $2.24 billion, a P/E ratio of 10.18 and a beta of 0.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. Independent Bank has a 12-month low of $43.28 and a 12-month high of $68.75. The business has a fifty day simple moving average of $50.85 and a 200 day simple moving average of $55.05.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were paid a $0.57 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a dividend yield of 4.32%. Independent Bank’s dividend payout ratio (DPR) is currently 44.02%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the transaction, the director now owns 11,640 shares of the company’s stock, valued at approximately $614,941.20. The transaction was disclosed in a legal filing with the SEC, which is available 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 business. Sachetta LLC purchased a new position in shares of Independent Bank during the 4th quarter valued at $56,000. Covestor Ltd increased its position in shares of Independent Bank by 13.5% during the third quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock valued at $128,000 after buying an additional 310 shares during the period. Eastern Bank purchased a new stake in Independent Bank in the third quarter worth about $206,000. Janney Montgomery Scott LLC purchased a new stake in Independent Bank in the third quarter worth about $217,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in Independent Bank in the fourth quarter worth about $217,000. 83.40% of the stock is currently 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.