Raymond James analyst Steve Moss reiterated a Strong Buy rating and $97.00 price target on Independent Bank Corp (NASDAQ: INDB).

The analyst commented: "We reiterate our Strong Buy and $97 price target as underlying core fundamentals remain strong, and the stock trades at an attractive valuation given the strong franchise and profitability (1.4% ROAA). While second quarter results were below expectations for several reasons, the outlook is largely unchanged except for lower loan balances due to elevated CRE payoffs. Importantly, core NIM trends are intact driven by securities repricing, and a stronger commercial pipeline at a blend yield of 6.5% (above portfolio at 5.68%), while the marginal cost of deposits is around 2%. INDB signaled it expects a minimum combined payout ratio of 100%, which suggests our estimate of $365M in buybacks over the next 18-months, or ~8% of shares outstanding could prove conservative. Accordingly, we view the 6-7% sell-off as over done and would be opportunistic on the pullback."

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Shares of Independent Bank Corp closed at $87.17 yesterday.