Independent Bank (NASDAQ:INDB) Hits New 1-Year High – Here’s Why

Independent Bank Corp. (NASDAQ:INDB)’s share price hit a new 52-week high on Monday . The company traded as high as $76.24 and last traded at $76.24, with a volume of 3606 shares. The stock had previously closed at $73.98.

Analysts Set New Price Targets

A number of analysts have recently weighed in on INDB shares. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research note on Monday, October 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Independent Bank Trading Up 3.1 %

The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 16.62 and a beta of 0.73. The company’s 50 day moving average is $63.85 and its 200 day moving average is $58.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter in the previous year, the firm posted $1.38 EPS. On average, research analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after buying an additional 186,680 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Independent Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock worth $60,170,000 after purchasing an additional 8,987 shares during the last quarter. Rockland Trust Co. grew its holdings in shares of Independent Bank by 14.3% in the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after purchasing an additional 92,438 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Independent Bank by 4.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after purchasing an additional 22,919 shares during the last quarter. 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.