FY2020 EPS Estimates for Independent Bank Corp Cut by DA Davidson (NASDAQ:INDB)

Independent Bank Corp (NASDAQ:INDB) – Stock analysts at DA Davidson dropped their FY2020 earnings per share (EPS) estimates for shares of Independent Bank in a research report issued to clients and investors on Thursday, December 5th. DA Davidson analyst D. Bishop now expects that the bank will post earnings of $5.53 per share for the year, down from their previous forecast of $5.58.

A number of other analysts have also recently commented on the company. BidaskClub cut Independent Bank from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Finally, ValuEngine upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $82.00.

INDB stock opened at $84.16 on Friday. The firm has a 50 day moving average price of $83.43 and a 200-day moving average price of $75.36. Independent Bank has a 52-week low of $62.33 and a 52-week high of $87.64. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 17.94 and a beta of 1.20. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.97 and a current ratio of 0.98.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.09. Independent Bank had a net margin of 28.03% and a return on equity of 12.60%. The business had revenue of $136.41 million for the quarter.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its holdings in Independent Bank by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 410 shares of the bank’s stock worth $31,000 after acquiring an additional 139 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Independent Bank by 2.1% in the 2nd quarter. Jennison Associates LLC now owns 9,442 shares of the bank’s stock worth $719,000 after purchasing an additional 192 shares in the last quarter. Metropolitan Life Insurance Co NY raised its stake in shares of Independent Bank by 1.9% in the third quarter. Metropolitan Life Insurance Co NY now owns 10,937 shares of the bank’s stock worth $816,000 after purchasing an additional 207 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Independent Bank by 10.7% in the second quarter. LS Investment Advisors LLC now owns 2,182 shares of the bank’s stock worth $166,000 after purchasing an additional 211 shares during the last quarter. Finally, Mason Street Advisors LLC lifted its holdings in shares of Independent Bank by 1.9% during the third quarter. Mason Street Advisors LLC now owns 11,669 shares of the bank’s stock valued at $871,000 after purchasing an additional 216 shares in the last quarter. Hedge funds and other institutional investors own 78.57% of the company’s stock.

In related news, Director Thomas R. Venables sold 7,795 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $84.16, for a total transaction of $656,027.20. Also, Director Daniel F. Obrien sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $85.32, for a total transaction of $170,640.00. In the last ninety days, insiders sold 53,924 shares of company stock valued at $4,370,430. 1.60% of the stock is owned by insiders.

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 and Estimates for Independent Bank (NASDAQ:INDB)

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