Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Rating of “Hold” from Analysts

Independent Bank Corp. (NASDAQ:INDBGet Free Report) has earned a consensus recommendation of “Hold” from the two ratings firms that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $60.00.

Several brokerages recently issued reports on INDB. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd.

View Our Latest Stock Analysis on INDB

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently modified their holdings of the company. Sachetta LLC acquired a new stake in shares of Independent Bank during the 4th quarter worth about $56,000. EntryPoint Capital LLC acquired a new stake in shares of Independent Bank in the first quarter worth approximately $47,000. Covestor Ltd boosted its position in shares of Independent Bank by 13.5% in the third quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after acquiring an additional 310 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Independent Bank in the fourth quarter worth approximately $217,000. Finally, TFO Wealth Partners LLC raised its holdings in Independent Bank by 215,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after buying an additional 4,302 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.0 %

Independent Bank stock opened at $46.51 on Thursday. Independent Bank has a fifty-two week low of $44.08 and a fifty-two week high of $68.75. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $1.98 billion, a P/E ratio of 8.98 and a beta of 0.80. The stock has a 50-day simple moving average of $50.40 and a 200-day simple moving average of $54.59.

Independent Bank (NASDAQ:INDBGet Free Report) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.03). The company had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. Equities research analysts expect that Independent Bank will post 4.46 earnings per share for the current year.

About Independent Bank

(Get Free Report

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.

Read More

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.