UPDATE: KBW Raises PT on Independent Bank to $28 (INDB)

KBW is out with its report today on Independent Bank INDB, raising its PT from $27 to $28. In a note to clients, KBW writes, "INDB reported earnings of $0.52/share topping both KBW and Street estimates by $0.03. The quarter was marked by lower credit costs and 11 bps of linked-quarter margin improvement, both of which were partially offset by weaker fee income and operating expenses. Incorporating the quarterly results we are increasing our 2011 and 2012 estimates and target by $1 while maintaining our MP rating." Shares of INDB closed Friday at $27.86, up 3.65% from Thursday's close.