Independent Bank (NASDAQ:INDB – Get Free Report) had its target price lifted by equities researchers at Keefe, Bruyette & Woods from $77.00 to $82.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 15.82% from the company’s previous close.
Several other analysts also recently weighed in on the company. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Monday, October 21st. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.
View Our Latest Stock Analysis on INDB
Independent Bank Stock Down 1.1 %
Independent Bank (NASDAQ:INDB – Get Free Report) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period last year, the business posted $1.38 EPS. Equities analysts expect that Independent Bank will post 4.5 earnings per share for the current year.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. SG Americas Securities LLC raised its stake in shares of Independent Bank by 186.3% in the 2nd quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock valued at $770,000 after buying an additional 9,881 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Independent Bank by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 23,236 shares of the bank’s stock worth $1,179,000 after purchasing an additional 968 shares in the last quarter. Blue Trust Inc. acquired a new position in Independent Bank in the second quarter worth about $403,000. Leeward Investments LLC MA lifted its stake in Independent Bank by 5.6% during the second quarter. Leeward Investments LLC MA now owns 262,284 shares of the bank’s stock worth $13,303,000 after purchasing an additional 13,916 shares during the period. Finally, Rockland Trust Co. boosted its holdings in Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after purchasing an additional 92,438 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.
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.
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