Independent Bank (NASDAQ:INDB) Receives Strong-Buy Rating from Raymond James

Independent Bank (NASDAQ:INDB)‘s stock had its “strong-buy” rating reissued by stock analysts at Raymond James in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $78.00 target price on the bank’s stock, up from their previous target price of $74.00. Raymond James’ target price suggests a potential upside of 14.66% from the company’s current price.

A number of other analysts have also commented on INDB. Keefe, Bruyette & Woods lifted their price target on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a report on Thursday, December 12th. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $80.00.

Independent Bank Trading Up 1.5 %

NASDAQ INDB traded up $0.99 during trading hours on Tuesday, hitting $68.03. 66,269 shares of the company’s stock were exchanged, compared to its average volume of 237,521. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a 50-day simple moving average of $68.35 and a 200 day simple moving average of $63.19. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 15.06 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, equities analysts forecast that Independent Bank will post 5.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Independent Bank

Several hedge funds have recently made changes to their positions in INDB. ST Germain D J Co. Inc. grew its position in shares of Independent Bank by 364.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank in the 3rd quarter worth $222,000. Profund Advisors LLC purchased a new position in shares of Independent Bank in the 2nd quarter worth $229,000. Relyea Zuckerberg Hanson LLC purchased a new position in shares of Independent Bank in the 4th quarter worth $250,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank in the 3rd quarter worth $257,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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.