DA Davidson Comments on Independent Bank Corp’s Q3 2020 Earnings (NASDAQ:INDB)

Independent Bank Corp (NASDAQ:INDB) – DA Davidson issued their Q3 2020 earnings per share (EPS) estimates for shares of Independent Bank in a research report issued to clients and investors on Tuesday, July 28th. DA Davidson analyst D. Bishop anticipates that the bank will post earnings of $0.92 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $82.00 target price on the stock. DA Davidson also issued estimates for Independent Bank’s FY2020 earnings at $3.27 EPS and FY2021 earnings at $3.76 EPS.

Several other research firms have also commented on INDB. Zacks Investment Research lowered shares of Independent Bank from a “hold” rating to a “strong sell” rating in a research note on Friday. Piper Sandler cut shares of Independent Bank from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $74.00 to $67.00 in a report on Wednesday, June 24th. Finally, BidaskClub cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $80.75.

Shares of NASDAQ INDB opened at $64.52 on Friday. Independent Bank has a 1 year low of $50.45 and a 1 year high of $87.11. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50-day moving average is $64.96 and its 200 day moving average is $68.15. The stock has a market capitalization of $2.16 billion, a P/E ratio of 14.84 and a beta of 0.97.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.14. Independent Bank had a net margin of 26.94% and a return on equity of 8.95%. The business had revenue of $119.29 million during the quarter, compared to the consensus estimate of $124.80 million.

Several institutional investors have recently added to or reduced their stakes in the company. CWM LLC acquired a new position in Independent Bank in the first quarter valued at about $25,000. Versant Capital Management Inc lifted its holdings in shares of Independent Bank by 196.2% during the first quarter. Versant Capital Management Inc now owns 465 shares of the bank’s stock worth $29,000 after purchasing an additional 308 shares during the period. Horizon Bancorp Inc. IN acquired a new stake in shares of Independent Bank during the first quarter worth $30,000. Pearl River Capital LLC acquired a new stake in Independent Bank in the first quarter valued at $45,000. Finally, Beese Fulmer Investment Management Inc. acquired a new stake in Independent Bank in the second quarter valued at $76,000. 82.15% of the stock is owned by institutional investors and hedge funds.

In related news, Director Donna L. Abelli sold 780 shares of Independent Bank stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $72.00, for a total value of $56,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.17% of the stock is owned by insiders.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Friday, June 26th. Independent Bank’s payout ratio is currently 32.74%.

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.

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Earnings History and Estimates for Independent Bank (NASDAQ:INDB)

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