Independent Bank Corp. (NASDAQ:INDB) announced its quarterly earnings results on Thursday. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02, Bloomberg Earnings reports. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. During the same quarter in the prior year, the company earned $0.78 earnings per share.

Shares of Independent Bank Corp. (NASDAQ INDB) traded down 0.52% on Thursday, reaching $66.35. The company’s stock had a trading volume of 70,796 shares. The stock has a 50-day moving average of $65.47 and a 200 day moving average of $64.38. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 22.49 and a beta of 0.97. Independent Bank Corp. has a 52-week low of $46.75 and a 52-week high of $71.95.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Monday, June 26th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, June 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.93%. Independent Bank Corp.’s dividend payout ratio (DPR) is presently 43.39%.

COPYRIGHT VIOLATION NOTICE: “Independent Bank Corp. (NASDAQ:INDB) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS” was reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another publication, it was illegally copied and republished in violation of US & international trademark and copyright laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/07/20/independent-bank-corp-nasdaqindb-announces-quarterly-earnings-results-beats-expectations-by-0-02-eps.html.

In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 6,103 shares of Independent Bank Corp. stock in a transaction on Monday, May 1st. The stock was sold at an average price of $63.71, for a total value of $388,822.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ribeiro sold 1,000 shares of Independent Bank Corp. stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total value of $62,240.00. Following the completion of the sale, the director now directly owns 14,647 shares of the company’s stock, valued at approximately $911,629.28. The disclosure for this sale can be found here. In the last three months, insiders sold 16,733 shares of company stock valued at $1,068,441. Corporate insiders own 2.67% of the company’s stock.

Several brokerages recently issued reports on INDB. BidaskClub downgraded Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $71.00 price target on shares of Independent Bank Corp. in a report on Wednesday, June 28th. Sandler O’Neill upgraded Independent Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Piper Jaffray Companies began coverage on Independent Bank Corp. in a report on Monday, May 15th. They set a “neutral” rating and a $63.00 price target for the company. Finally, Zacks Investment Research downgraded Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 22nd. Six analysts have rated the stock with a hold rating, Independent Bank Corp. currently has an average rating of “Hold” and a consensus price target of $61.00.

Independent Bank Corp. 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.

Earnings History for Independent Bank Corp. (NASDAQ:INDB)

Receive News & Ratings for Independent Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corp. and related companies with MarketBeat.com's FREE daily email newsletter.