Independent Bank (NASDAQ:INDB) announced its quarterly earnings data on Thursday. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.03), Bloomberg Earnings reports. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%.
Independent Bank stock traded down $1.30 during trading hours on Friday, reaching $72.60. 23,388 shares of the stock were exchanged, compared to its average volume of 73,410. The company has a market capitalization of $2,005.65, a price-to-earnings ratio of 21.70 and a beta of 0.88. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank has a twelve month low of $59.65 and a twelve month high of $76.35.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 6th. Shareholders of record on Monday, March 26th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.09%. This is an increase from Independent Bank’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, March 23rd. Independent Bank’s dividend payout ratio is presently 45.37%.
In related news, CFO Robert D. Cozzone purchased 788 shares of Independent Bank stock in a transaction dated Friday, February 23rd. The shares were bought at an average cost of $71.25 per share, for a total transaction of $56,145.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Donna L. Abelli sold 601 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $72.05, for a total transaction of $43,302.05. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.
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Independent Bank Company Profile
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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