Analysts expect Independent Bank Corp (NASDAQ:INDB) to post $1.03 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have made estimates for Independent Bank’s earnings. Independent Bank posted earnings of $0.78 per share during the same quarter last year, which suggests a positive year over year growth rate of 32.1%. The business is scheduled to report its next earnings results on Thursday, April 19th.
According to Zacks, analysts expect that Independent Bank will report full year earnings of $4.38 per share for the current year. For the next financial year, analysts anticipate that the business will report earnings of $4.75 per share. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Independent Bank.
Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 18th. The bank reported $0.89 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89. The firm had revenue of $89.70 million during the quarter, compared to the consensus estimate of $88.31 million. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The business’s quarterly revenue was up 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.76 earnings per share.
Several research firms have recently weighed in on INDB. BidaskClub cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods restated a “hold” rating on shares of Independent Bank in a report on Sunday, January 21st. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Finally, Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $73.00.
In other Independent Bank news, Director Donna L. Abelli sold 601 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $72.05, for a total transaction of $43,302.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert D. Cozzone purchased 788 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were acquired at an average price of $71.25 per share, for a total transaction of $56,145.00. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of INDB. BlackRock Inc. boosted its holdings in shares of Independent Bank by 3.7% during the 4th quarter. BlackRock Inc. now owns 3,532,683 shares of the bank’s stock worth $246,758,000 after buying an additional 125,757 shares in the last quarter. Rockland Trust Co. raised its position in shares of Independent Bank by 7.2% during the fourth quarter. Rockland Trust Co. now owns 606,451 shares of the bank’s stock worth $26,376,000 after purchasing an additional 40,603 shares during the period. JPMorgan Chase & Co. raised its position in shares of Independent Bank by 39.3% during the third quarter. JPMorgan Chase & Co. now owns 140,764 shares of the bank’s stock worth $10,488,000 after purchasing an additional 39,744 shares during the period. Deutsche Bank AG raised its position in shares of Independent Bank by 88.2% during the fourth quarter. Deutsche Bank AG now owns 78,032 shares of the bank’s stock worth $5,449,000 after purchasing an additional 36,579 shares during the period. Finally, Opus Capital Group LLC acquired a new position in shares of Independent Bank during the fourth quarter worth approximately $2,272,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.
Shares of Independent Bank (INDB) traded up $0.60 during midday trading on Thursday, reaching $75.55. The company’s stock had a trading volume of 247,651 shares, compared to its average volume of 50,114. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $2,078.08, a P/E ratio of 22.49 and a beta of 0.91. Independent Bank has a 12-month low of $58.30 and a 12-month high of $76.35.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Monday, March 26th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from Independent Bank’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, March 23rd. Independent Bank’s dividend payout ratio is presently 40.25%.
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.
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