Zacks: Analysts Expect Independent Bank Corp (INDB) to Announce $1.03 EPS

Brokerages expect Independent Bank Corp (NASDAQ:INDB) to report earnings of $1.03 per share for the current fiscal quarter, according to Zacks. Zero analysts have issued estimates for Independent Bank’s earnings. Independent Bank posted earnings per share of $0.78 during the same quarter last year, which would indicate a positive year over year growth rate of 32.1%. The company is scheduled to report its next earnings report on Thursday, April 19th.

On average, analysts expect that Independent Bank will report full-year earnings of $4.38 per share for the current financial year. For the next fiscal year, analysts expect that the company will report earnings of $4.75 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that follow Independent Bank.

Independent Bank (NASDAQ:INDB) last posted 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. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The business had revenue of $89.70 million during the quarter, compared to analysts’ expectations of $88.31 million. During the same period in the previous year, the business earned $0.76 earnings per share. The firm’s revenue was up 17.2% on a year-over-year basis.

Several equities analysts recently commented on the company. BidaskClub cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Independent Bank in a research note on Sunday, January 21st. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Compass Point raised Independent Bank from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $73.00.

In other news, Director Daniel F. Obrien sold 1,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $70.19, for a total value of $70,190.00. Following the completion of the sale, the director now owns 22,912 shares of the company’s stock, valued at approximately $1,608,193.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Carl Ribeiro sold 700 shares of the business’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $69.25, for a total value of $48,475.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,501 shares of company stock valued at $249,087. Corporate insiders own 2.67% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. Wells Fargo & Company MN lifted its stake in shares of Independent Bank by 4.0% in the 2nd quarter. Wells Fargo & Company MN now owns 52,333 shares of the bank’s stock valued at $3,488,000 after acquiring an additional 1,997 shares during the last quarter. Teachers Advisors LLC lifted its stake in shares of Independent Bank by 9.0% in the 2nd quarter. Teachers Advisors LLC now owns 47,902 shares of the bank’s stock valued at $3,193,000 after acquiring an additional 3,961 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in shares of Independent Bank by 23.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 106,332 shares of the bank’s stock valued at $7,087,000 after acquiring an additional 20,405 shares during the last quarter. Nationwide Fund Advisors lifted its stake in shares of Independent Bank by 8.2% in the 2nd quarter. Nationwide Fund Advisors now owns 31,673 shares of the bank’s stock valued at $2,111,000 after acquiring an additional 2,410 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Independent Bank by 3.6% in the 2nd quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock valued at $243,000 after acquiring an additional 126 shares during the last quarter. 79.67% of the stock is owned by institutional investors.

Independent Bank (NASDAQ:INDB) traded down $0.05 during trading on Friday, reaching $69.80. The company had a trading volume of 33,300 shares, compared to its average volume of 79,338. Independent Bank has a twelve month low of $58.30 and a twelve month high of $76.30. 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 stock has a market capitalization of $1,916.90, a PE ratio of 20.79 and a beta of 0.91.

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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.

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