Independent Bank Corp. (INDB) Set to Announce Quarterly Earnings on Monday
Independent Bank Corp. (NASDAQ:INDB) is scheduled to be releasing its earnings data after the market closes on Monday, October 10th. Analysts expect Independent Bank Corp. to post earnings of $0.76 per share for the quarter.
Independent Bank Corp. (NASDAQ:INDB) last posted its earnings results on Thursday, July 21st. The company reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.03. Independent Bank Corp. had a net margin of 24.05% and a return on equity of 9.95%. On average, analysts expect Independent Bank Corp. to post $2.94 EPS for the current fiscal year and $3.09 EPS for the next fiscal year.
Independent Bank Corp. (NASDAQ:INDB) traded down 0.5356% during midday trading on Friday, hitting $53.6113. 31,783 shares of the stock traded hands. The stock has a market capitalization of $1.41 billion, a PE ratio of 18.3286 and a beta of 1.04. Independent Bank Corp. has a 12-month low of $39.58 and a 12-month high of $54.38. The firm’s 50 day moving average is $53.05 and its 200-day moving average is $48.79.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Monday, September 26th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $1.16 dividend on an annualized basis and a yield of 2.15%. Independent Bank Corp.’s dividend payout ratio (DPR) is 39.59%.
In other news, CFO Robert D. Cozzone sold 1,250 shares of Independent Bank Corp. stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $53.11, for a total transaction of $66,387.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maurice H. Sullivan, Jr. sold 5,000 shares of Independent Bank Corp. stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $50.78, for a total value of $253,900.00. Following the sale, the director now directly owns 28,455 shares of the company’s stock, valued at approximately $1,444,944.90. The disclosure for this sale can be found here. Insiders own 3.02% of the company’s stock.
Several large investors have recently bought and sold shares of the company. BlackRock Advisors LLC increased its stake in Independent Bank Corp. by 3.2% in the second quarter. BlackRock Advisors LLC now owns 12,484 shares of the company’s stock worth $571,000 after buying an additional 385 shares in the last quarter. BlackRock Investment Management LLC increased its stake in Independent Bank Corp. by 7.0% in the second quarter. BlackRock Investment Management LLC now owns 118,055 shares of the company’s stock worth $5,395,000 after buying an additional 7,725 shares in the last quarter. BlackRock Inc. increased its stake in Independent Bank Corp. by 288.0% in the second quarter. BlackRock Inc. now owns 6,290 shares of the company’s stock worth $288,000 after buying an additional 4,669 shares in the last quarter. BlackRock Fund Advisors increased its stake in Independent Bank Corp. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 1,669,999 shares of the company’s stock worth $76,319,000 after buying an additional 48,476 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Independent Bank Corp. by 0.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 700,013 shares of the company’s stock worth $31,991,000 after buying an additional 5,108 shares in the last quarter. 76.98% of the stock is owned by institutional investors.
A number of equities analysts have commented on the stock. Zacks Investment Research raised shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, July 27th. Sandler O’Neill cut shares of Independent Bank Corp. from a “hold” rating to a “sell” rating and lifted their price objective for the stock from $50.00 to $51.00 in a research report on Wednesday, August 31st. Finally, Compass Point cut shares of Independent Bank Corp. from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $48.00 to $49.00 in a research report on Tuesday, September 20th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $50.50.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s 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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