Independent Bank (NASDAQ:INDB) is scheduled to be issuing its quarterly earnings data after the market closes on Thursday, April 19th. Analysts expect the company to announce earnings of $1.04 per share for the quarter.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.89. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The company had revenue of $89.70 million for the quarter, compared to analyst estimates of $88.31 million. During the same period in the previous year, the company posted $0.76 EPS. The firm’s revenue for the quarter was up 17.2% compared to the same quarter last year. On average, analysts expect Independent Bank to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.
NASDAQ:INDB opened at $73.25 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank has a 52-week low of $59.65 and a 52-week high of $76.35. The firm has a market cap of $1,997.40, a P/E ratio of 21.87 and a beta of 0.87.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 6th. Investors 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 dividend yield of 2.08%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, March 23rd. Independent Bank’s payout ratio is presently 45.37%.
In related news, insider Christopher Oddleifson sold 1,200 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $72.60, for a total transaction of $87,120.00. Following the completion of the transaction, the insider now directly owns 86,643 shares in the company, valued at $6,290,281.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Robert D. Cozzone bought 788 shares of Independent Bank stock in a transaction that occurred on Friday, February 23rd. The shares were acquired at an average price of $71.25 per share, with a total value of $56,145.00. The disclosure for this purchase can be found here. 2.67% of the stock is owned by insiders.
INDB has been the topic of a number of analyst reports. BidaskClub lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Zacks Investment Research upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating on shares of Independent Bank in a research note on Sunday, January 21st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $73.00.
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About Independent Bank
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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