Independent Bank (NASDAQ:INDB) Given New $80.00 Price Target at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price objective lowered by stock analysts at Keefe, Bruyette & Woods from $82.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 17.56% from the stock’s previous close.

INDB has been the topic of several other research reports. Raymond James reissued a “strong-buy” rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Independent Bank has a consensus rating of “Buy” and an average target price of $79.00.

Independent Bank Price Performance

NASDAQ:INDB traded up $1.01 during trading hours on Tuesday, reaching $68.05. 83,125 shares of the company traded hands, compared to its average volume of 239,439. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a market cap of $2.89 billion, a P/E ratio of 15.06 and a beta of 0.78. The firm’s 50-day moving average is $68.35 and its 200-day moving average is $63.19. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping 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%. Equities research analysts expect that Independent Bank will post 5.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Independent Bank

A number of large investors have recently modified their holdings of INDB. Dimensional Fund Advisors LP raised its holdings in Independent Bank by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after buying an additional 186,680 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings 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 acquiring an additional 1,231 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Independent Bank during the 2nd quarter worth $830,000. Sei Investments Co. increased its holdings in Independent Bank by 129.6% in the 2nd quarter. Sei Investments Co. now owns 53,763 shares of the bank’s stock valued at $2,727,000 after purchasing an additional 30,351 shares in the last quarter. Finally, Profund Advisors LLC purchased a new position in Independent Bank in the second quarter valued at about $229,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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.