Keefe, Bruyette & Woods Raises Independent Bank (NASDAQ:INDB) Price Target to $77.00

Independent Bank (NASDAQ:INDB) had its target price boosted by equities research analysts at Keefe, Bruyette & Woods from $65.00 to $77.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 7.50% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $75.50.

Independent Bank Stock Up 0.1 %

NASDAQ:INDB traded up $0.05 during mid-day trading on Wednesday, reaching $71.63. The stock had a trading volume of 29,766 shares, compared to its average volume of 279,267. The business’s 50 day moving average is $65.50 and its 200 day moving average is $59.07. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The stock has a market cap of $3.04 billion, a P/E ratio of 15.53 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the prior year, the company posted $1.38 earnings per share. As a group, sell-side analysts predict that Independent Bank will post 4.5 earnings per share for the current year.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Innealta Capital LLC purchased a new position in Independent Bank in the second quarter worth $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Independent Bank in the third quarter worth $222,000. Profund Advisors LLC purchased a new position in Independent Bank in the second quarter worth $229,000. Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank during the 3rd quarter valued at $257,000. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Independent Bank by 29.7% during the 2nd 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. 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.