Independent Bank (INDB) Posts Quarterly Earnings Results, Meets Estimates

Independent Bank (NASDAQ:INDB) issued its quarterly earnings data on Thursday. The bank reported $0.89 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.89, Bloomberg Earnings reports. Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The firm had revenue of $89.70 million for the quarter, compared to analysts’ expectations of $88.31 million. During the same quarter in the prior year, the business earned $0.76 EPS. The business’s quarterly revenue was up 17.2% on a year-over-year basis.

Shares of Independent Bank (NASDAQ:INDB) opened at $72.45 on Friday. Independent Bank has a one year low of $57.20 and a one year high of $76.30. The company has a market cap of $2,029.42, a P/E ratio of 23.99 and a beta of 0.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17.

The company also recently announced a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Friday, December 22nd. Independent Bank’s payout ratio is 42.38%.

In other Independent Bank news, CFO Robert D. Cozzone sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total transaction of $235,625.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Carl Ribeiro sold 700 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,150 shares of company stock worth $439,814. 2.67% of the stock is owned by company insiders.

INDB has been the topic of several recent research reports. Zacks Investment Research cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Compass Point cut shares of Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price objective on the stock. in a research note on Wednesday, October 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 target price on shares of Independent Bank in a research note on Tuesday, October 3rd. Finally, BidaskClub cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Independent Bank presently has a consensus rating of “Hold” and an average price target of $73.00.

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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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