Independent Bank (NASDAQ:INDB) Stock Gets Price Target Increase from Barclays

Independent Bank (NASDAQ:INDB) had its price target boosted by research analysts at Barclays from $82.00 to $86.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “underweight” rating on the bank’s stock. Barclays‘s price objective indicates a potential upside of 1.54% from the company’s previous close.

Several other equities analysts also recently weighed in on INDB. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Finally, Piper Sandler raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $92.43.

Independent Bank Price Performance

Shares of INDB stock traded down $0.21 during mid-day trading on Tuesday, reaching $84.70. The stock had a trading volume of 12,613 shares, compared to its average volume of 362,710. The company has a market cap of $3.94 billion, a P/E ratio of 12.51 and a beta of 0.74. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.18. Independent Bank has a 12-month low of $66.17 and a 12-month high of $87.50. The business has a 50-day simple moving average of $81.07 and a 200 day simple moving average of $80.67.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 15th. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.85 by $0.05. The business had revenue of $261.95 million for the quarter, compared to analyst estimates of $261.27 million. Independent Bank had a net margin of 24.27% and a return on equity of 9.61%. On average, sell-side analysts anticipate that Independent Bank will post 7.25 earnings per share for the current year.

Insider Buying and Selling at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares of the company’s stock, valued at $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Independent Bank

A number of hedge funds have recently bought and sold shares of INDB. Isthmus Partners LLC grew its position in shares of Independent Bank by 0.3% during the third quarter. Isthmus Partners LLC now owns 42,190 shares of the bank’s stock worth $3,276,000 after buying an additional 130 shares in the last quarter. 55 North Private Wealth LLC raised its holdings in Independent Bank by 4.8% in the third quarter. 55 North Private Wealth LLC now owns 2,878 shares of the bank’s stock valued at $223,000 after acquiring an additional 133 shares in the last quarter. GAMMA Investing LLC boosted its stake in Independent Bank by 15.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the bank’s stock valued at $99,000 after acquiring an additional 168 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Independent Bank by 27.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock valued at $68,000 after acquiring an additional 193 shares during the last quarter. Finally, Sachetta LLC grew its holdings in Independent Bank by 3.2% during the 1st quarter. Sachetta LLC now owns 8,304 shares of the bank’s stock worth $625,000 after acquiring an additional 259 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, cash-management and treasury services, online and mobile banking, and wealth management.