Independent Bank (NASDAQ:INDB) Announces Quarterly Earnings Results, Hits Expectations

Independent Bank (NASDAQ:INDB) released its quarterly earnings data on Thursday, January 18th. The bank reported $0.89 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.89, Bloomberg Earnings reports. The firm had revenue of $89.70 million for the quarter, compared to analyst estimates of $88.31 million. Independent Bank had a net margin of 24.21% and a return on equity of 10.00%. The business’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.76 earnings per share.

Independent Bank (INDB) traded up $0.80 on Friday, reaching $69.40. 119,404 shares of the company’s stock traded hands, compared to its average volume of 79,900. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1,904.54, a P/E ratio of 21.82 and a beta of 0.91. Independent Bank has a fifty-two week low of $58.30 and a fifty-two week high of $76.30.

A number of analysts have recently weighed in on INDB shares. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Keefe, Bruyette & Woods restated a “hold” rating on shares of Independent Bank in a research report on Sunday, January 21st. BidaskClub upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Thursday, January 18th. Finally, Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $73.00.

In related news, Director Daniel F. Obrien sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $70.19, for a total transaction of $70,190.00. Following the completion of the sale, the director now directly owns 22,912 shares in the company, valued at $1,608,193.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christopher Oddleifson sold 1,200 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $72.60, for a total transaction of $87,120.00. Following the sale, the insider now owns 86,643 shares of the company’s stock, valued at $6,290,281.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,501 shares of company stock worth $249,087. Insiders own 2.67% of the company’s stock.

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Independent Bank Company Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

Earnings History for Independent Bank (NASDAQ:INDB)

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