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

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

INDB has been the subject of a number of other research reports. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Independent Bank currently has an average rating of “Buy” and an average price target of $79.00.

Independent Bank Stock Down 2.2 %

Shares of NASDAQ INDB opened at $65.88 on Tuesday. Independent Bank has a 1 year low of $45.11 and a 1 year high of $77.23. The firm’s 50-day moving average is $68.13 and its 200-day moving average is $63.37. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $2.80 billion, a PE ratio of 14.58 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities analysts expect that Independent Bank will post 5.42 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.46%. Independent Bank’s payout ratio is 50.44%.

Institutional Investors Weigh In On Independent Bank

A number of hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets increased its stake in Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock worth $1,483,000 after purchasing an additional 12,904 shares in the last quarter. Centiva Capital LP bought a new stake in shares of Independent Bank during the third quarter worth $535,000. JPMorgan Chase & Co. raised its holdings in shares of Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after acquiring an additional 126,791 shares during the period. Eastern Bank lifted its position in Independent Bank by 454.7% in the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after acquiring an additional 19,048 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Independent Bank by 11.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after purchasing an additional 28,373 shares during the period. Institutional investors and hedge funds 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.