Independent Bank (INDB) Issues Quarterly Earnings Results
Independent Bank (NASDAQ:INDB) issued its earnings results on Thursday. The bank reported $0.89 earnings per share for the quarter, hitting the consensus estimate of $0.89, Bloomberg Earnings reports. Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The company had revenue of $89.70 million for the quarter, compared to analyst estimates of $88.31 million. During the same period in the prior year, the business posted $0.76 earnings per share. The firm’s revenue for the quarter was up 17.2% compared to the same quarter last year.
Shares of Independent Bank (NASDAQ:INDB) opened at $72.45 on Friday. The company has a market cap of $2,014.33, a P/E ratio of 23.99 and a beta of 0.97. Independent Bank has a 1 year low of $57.20 and a 1 year high of $76.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.95.
The firm also recently declared a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Tuesday, December 26th were given a $0.32 dividend. The ex-dividend date was Friday, December 22nd. This represents a $1.28 annualized dividend and a dividend yield of 1.77%. Independent Bank’s dividend payout ratio is presently 42.38%.
In other news, CFO Robert D. Cozzone sold 3,250 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $72.50, for a total value of $235,625.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Eileen C. Miskell sold 1,200 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $71.27, for a total transaction of $85,524.00. The disclosure for this sale can be found here. Insiders sold 6,150 shares of company stock worth $439,814 over the last quarter. Company insiders own 2.67% of the company’s stock.
About Independent Bank
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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