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%.
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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