Independent Bank (NASDAQ:INDB) Announces Earnings Results

Independent Bank (NASDAQ:INDB) announced its earnings results on Thursday. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12), Zacks reports. The firm had revenue of $178.04 million during the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%.

Independent Bank Price Performance

INDB opened at $55.84 on Friday. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 12.35 and a beta of 0.84. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The business’s fifty day simple moving average is $62.95 and its 200-day simple moving average is $65.24.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.59 per share. The ex-dividend date was Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 4.23%. Independent Bank’s payout ratio is 52.21%.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares in the company, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on INDB. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Finally, Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st.

About Independent Bank

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.