Fintel reports that on October 21, 2024, Raymond James upgraded their outlook for Independent Bank (NasdaqGS:INDB) from Market Perform to Strong Buy.
Analyst Price Forecast Suggests 5.47% Upside
As of September 25, 2024, the average one-year price target for Independent Bank is $64.94/share. The forecasts range from a low of $62.62 to a high of $68.25. The average price target represents an increase of 5.47% from its latest reported closing price of $61.57 / share.
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The projected annual revenue for Independent Bank is 839MM, an increase of 27.95%. The projected annual non-GAAP EPS is 7.09.
What is the Fund Sentiment?
There are 576 funds or institutions reporting positions in Independent Bank. This is an increase of 7 owner(s) or 1.23% in the last quarter. Average portfolio weight of all funds dedicated to INDB is 0.13%, an increase of 1.19%. Total shares owned by institutions decreased in the last three months by 0.44% to 40,751K shares. 
The put/call ratio of INDB is 1.10, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 2,749K shares representing 6.47% ownership of the company. In its prior filing, the firm reported owning 2,844K shares , representing a decrease of 3.48%. The firm decreased its portfolio allocation in INDB by 2.14% over the last quarter.
Victory Capital Management holds 1,701K shares representing 4.00% ownership of the company. In its prior filing, the firm reported owning 1,359K shares , representing an increase of 20.12%. The firm decreased its portfolio allocation in INDB by 19.81% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,321K shares representing 3.11% ownership of the company. In its prior filing, the firm reported owning 1,332K shares , representing a decrease of 0.84%. The firm decreased its portfolio allocation in INDB by 5.98% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 1,015K shares representing 2.39% ownership of the company. In its prior filing, the firm reported owning 1,063K shares , representing a decrease of 4.74%. The firm decreased its portfolio allocation in INDB by 2.35% over the last quarter.
Geode Capital Management holds 1,008K shares representing 2.37% ownership of the company. In its prior filing, the firm reported owning 1,001K shares , representing an increase of 0.74%. The firm decreased its portfolio allocation in INDB by 51.32% over the last quarter.
Independent Bank Background Information
(This description is provided by the company.)
Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's 'Top Places to Work' 2020 list, an honor earned for the 12th consecutive year. In 2020, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. Rockland Trust is deeply committed to the communities it serves, as reflected in the overall 'Outstanding' rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
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