Independent Bank Corp. (INDB) Set to Announce Quarterly Earnings on Wednesday
Independent Bank Corp. (NASDAQ:INDB) is set to announce its earnings results after the market closes on Wednesday, October 18th. Analysts expect the company to announce earnings of $0.85 per share for the quarter.
Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $85.15 million for the quarter, compared to analysts’ expectations of $85.20 million. Independent Bank Corp. had a net margin of 23.17% and a return on equity of 9.70%. During the same period in the previous year, the company posted $0.78 earnings per share. On average, analysts expect Independent Bank Corp. to post $3.35 EPS for the current fiscal year and $4.01 EPS for the next fiscal year.
Independent Bank Corp. (NASDAQ:INDB) opened at 76.15 on Wednesday. Independent Bank Corp. has a 12 month low of $47.50 and a 12 month high of $76.30. The firm’s 50-day moving average is $71.43 and its 200-day moving average is $66.98. The firm has a market capitalization of $2.09 billion, a PE ratio of 25.89 and a beta of 1.00.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Monday, September 25th were issued a $0.32 dividend. The ex-dividend date was Friday, September 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.68%. Independent Bank Corp.’s dividend payout ratio is currently 43.69%.
In related news, insider Gerard F. Nadeau sold 5,193 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $71.75, for a total value of $372,597.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eileen C. Miskell sold 1,100 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $72.05, for a total value of $79,255.00. The disclosure for this sale can be found here. Insiders sold 8,443 shares of company stock valued at $607,108 over the last 90 days. 2.67% of the stock is currently owned by corporate insiders.
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INDB has been the subject of a number of recent analyst reports. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Tuesday, August 22nd. Compass Point raised Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Friday, July 21st. BidaskClub raised Independent Bank Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price objective on shares of Independent Bank Corp. in a research report on Tuesday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Independent Bank Corp. presently has a consensus rating of “Hold” and a consensus target price of $72.00.
About Independent Bank Corp.
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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