Independent Bank Corp. (NASDAQ:INDB) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS
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%.
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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.
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