Independent Bank (NASDAQ:INDB) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Independent Bank (NASDAQ:INDB) released its quarterly earnings data on Thursday. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.09, Morningstar.com reports. Independent Bank had a return on equity of 14.76% and a net margin of 26.75%. The company had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million.

Shares of INDB opened at $74.06 on Friday. The firm has a market cap of $2.54 billion, a P/E ratio of 14.03 and a beta of 1.14. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. Independent Bank has a one year low of $66.12 and a one year high of $95.00. The stock has a 50 day simple moving average of $73.12.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.38%. The ex-dividend date was Friday, June 28th. Independent Bank’s payout ratio is currently 37.53%.



In other news, Director Daniel F. Obrien sold 1,712 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $72.75, for a total value of $124,548.00. Following the transaction, the director now directly owns 21,492 shares of the company’s stock, valued at approximately $1,563,543. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $80.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Insiders sold a total of 7,727 shares of company stock worth $603,916 over the last three months. 1.60% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Independent Bank by 12.6% in the 1st quarter. BlackRock Inc. now owns 4,538,233 shares of the bank’s stock worth $367,642,000 after acquiring an additional 508,987 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Independent Bank by 13.6% in the 1st quarter. Champlain Investment Partners LLC now owns 957,230 shares of the bank’s stock worth $77,545,000 after acquiring an additional 114,280 shares in the last quarter. FMR LLC boosted its holdings in shares of Independent Bank by 19.0% in the 1st quarter. FMR LLC now owns 861,271 shares of the bank’s stock worth $69,772,000 after acquiring an additional 137,622 shares in the last quarter. Rockland Trust Co. boosted its holdings in shares of Independent Bank by 5.1% in the 1st quarter. Rockland Trust Co. now owns 613,742 shares of the bank’s stock worth $36,542,000 after acquiring an additional 29,758 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in shares of Independent Bank by 17.1% in the 4th quarter. Macquarie Group Ltd. now owns 592,782 shares of the bank’s stock worth $41,679,000 after acquiring an additional 86,684 shares in the last quarter. 70.63% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on the company. BidaskClub lowered Westport Fuel Systems from a “buy” rating to a “hold” rating in a research note on Friday. Sandler O’Neill upgraded Independent Bank from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Zacks Investment Research lowered Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating and upped their price objective for the company from $77.00 to $83.00 in a research note on Friday. Finally, ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $84.33.

About Independent Bank

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.

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Earnings History for Independent Bank (NASDAQ:INDB)

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