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%.

INDB has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Compass Point lowered shares of Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 target price on the stock. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 target price on shares of Independent Bank in a research report on Tuesday, October 3rd. Finally, BidaskClub lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $73.00.

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.

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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.

Earnings History for Independent Bank (NASDAQ:INDB)

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