Independent Bank Corp (NASDAQ:INDB) – Analysts at Piper Jaffray Companies reduced their Q2 2019 earnings per share (EPS) estimates for Independent Bank in a research report issued to clients and investors on Tuesday, April 23rd. Piper Jaffray Companies analyst M. Breese now forecasts that the bank will post earnings of $1.33 per share for the quarter, down from their previous forecast of $1.35. Piper Jaffray Companies also issued estimates for Independent Bank’s Q3 2019 earnings at $1.41 EPS, Q4 2019 earnings at $1.46 EPS, FY2019 earnings at $5.50 EPS, Q1 2020 earnings at $1.45 EPS, Q2 2020 earnings at $1.48 EPS, Q3 2020 earnings at $1.44 EPS, Q4 2020 earnings at $1.45 EPS and FY2020 earnings at $5.82 EPS.
Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). Independent Bank had a net margin of 29.95% and a return on equity of 13.67%. The company had revenue of $104.06 million for the quarter, compared to analyst estimates of $106.30 million.
Shares of NASDAQ:INDB opened at $80.04 on Wednesday. Independent Bank has a one year low of $66.12 and a one year high of $95.00. The firm has a market cap of $2.25 billion, a PE ratio of 17.07 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.96 and a quick ratio of 0.96.
Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. Doyle Wealth Management purchased a new stake in shares of Independent Bank in the fourth quarter valued at $27,000. Huntington National Bank purchased a new stake in shares of Independent Bank during the first quarter worth $34,000. Strs Ohio purchased a new stake in shares of Independent Bank during the fourth quarter worth $35,000. Truehand Inc purchased a new stake in shares of Independent Bank during the fourth quarter worth $70,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Independent Bank by 16.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,155 shares of the bank’s stock worth $81,000 after acquiring an additional 160 shares in the last quarter. Institutional investors own 81.72% of the company’s stock.
In other news, CFO Robert D. Cozzone sold 3,206 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $81.01, for a total value of $259,718.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher Oddleifson sold 1,050 shares of the stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $79.21, for a total value of $83,170.50. Following the completion of the sale, the chief executive officer now owns 87,567 shares of the company’s stock, valued at approximately $6,936,182.07. The disclosure for this sale can be found here. Insiders have sold a total of 10,256 shares of company stock valued at $824,839 in the last quarter. Insiders own 1.60% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, March 25th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, March 22nd. This is an increase from Independent Bank’s previous quarterly dividend of $0.38. Independent Bank’s dividend payout ratio is 37.53%.
Independent Bank Company Profile
Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
Further Reading: Are sell-side analysts objective?
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