Independent Bank (NASDAQ:INDB) Given New $63.00 Price Target at Piper Sandler

Independent Bank (NASDAQ:INDB) had its target price cut by Piper Sandler from $74.00 to $63.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price target points to a potential upside of 15.58% from the company’s current price.

Several other analysts also recently commented on the company. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Friday. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and an average target price of $73.67.

Independent Bank Price Performance

NASDAQ:INDB opened at $54.51 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company has a 50-day moving average of $62.66 and a 200-day moving average of $65.34. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 12.06 and a beta of 0.84.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, equities research analysts anticipate that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Independent Bank during the 4th quarter worth approximately $62,000. Smartleaf Asset Management LLC increased its position in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC boosted its position in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,191 shares during the last quarter. Finally, KBC Group NV grew its position in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after buying an additional 490 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.