Independent Bank (NASDAQ:INDB) posted its earnings results on Wednesday. The bank reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.14, Fidelity Earnings reports. Independent Bank had a return on equity of 7.97% and a net margin of 24.99%. The business had revenue of $118.91 million during the quarter, compared to analysts’ expectations of $120.70 million.
Shares of NASDAQ INDB traded down $0.60 during trading hours on Friday, hitting $78.08. The company had a trading volume of 268,690 shares, compared to its average volume of 152,949. The stock has a market capitalization of $2.57 billion, a P/E ratio of 19.62 and a beta of 1.01. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.18. Independent Bank has a 1-year low of $49.25 and a 1-year high of $81.81. The firm’s 50 day moving average is $75.48 and its 200-day moving average is $65.07.
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 8th. Stockholders of record on Monday, December 28th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Thursday, December 24th. Independent Bank’s payout ratio is presently 32.74%.
A number of research firms have weighed in on INDB. Zacks Investment Research downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, January 5th. Seaport Global Securities began coverage on Independent Bank in a research report on Thursday, December 17th. They set a “neutral” rating for the company. TheStreet raised Independent Bank from a “c+” rating to a “b-” rating in a research report on Friday, November 27th. Piper Sandler reduced their price target on Independent Bank from $68.00 to $58.00 and set a “neutral” rating for the company in a research report on Monday, September 28th. Finally, Compass Point raised Independent Bank from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Monday, October 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $70.00.
In other news, Director Eileen C. Miskell sold 800 shares of the stock in a transaction that occurred on Wednesday, December 9th. The stock was sold at an average price of $73.49, for a total value of $58,792.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Edward H. Seksay sold 1,000 shares of the stock in a transaction that occurred on Wednesday, December 2nd. The shares were sold at an average price of $68.50, for a total value of $68,500.00. Following the completion of the sale, the general counsel now directly owns 13,048 shares of the company’s stock, valued at approximately $893,788. The disclosure for this sale can be found here. Corporate insiders own 1.17% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Champlain Investment Partners LLC lifted its holdings in Independent Bank by 1.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,237,768 shares of the bank’s stock valued at $64,834,000 after purchasing an additional 14,575 shares during the last quarter. Rockland Trust Co. lifted its holdings in Independent Bank by 2.4% during the 3rd quarter. Rockland Trust Co. now owns 714,632 shares of the bank’s stock valued at $37,433,000 after purchasing an additional 16,676 shares during the last quarter. Palisade Capital Management LLC NJ lifted its holdings in Independent Bank by 28.1% during the 3rd quarter. Palisade Capital Management LLC NJ now owns 256,383 shares of the bank’s stock valued at $13,429,000 after purchasing an additional 56,304 shares during the last quarter. Boston Trust Walden Corp lifted its holdings in Independent Bank by 67.3% during the 4th quarter. Boston Trust Walden Corp now owns 253,591 shares of the bank’s stock valued at $18,522,000 after purchasing an additional 102,039 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Independent Bank by 23.5% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 218,470 shares of the bank’s stock valued at $11,443,000 after purchasing an additional 41,500 shares during the last quarter. 80.44% of the stock is owned by institutional investors.
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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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