Independent Bank (NASDAQ:INDB) Trading Up 5.5% After Earnings Beat

Independent Bank Corp. (NASDAQ:INDB) shares shot up 5.5% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $67.80 and last traded at $67.44. 79,403 shares changed hands during trading, a decline of 63% from the average session volume of 214,956 shares. The stock had previously closed at $63.92.

The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a $0.57 dividend. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.39%. Independent Bank’s dividend payout ratio is currently 49.57%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday, December 12th. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.00.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently modified their holdings of the company. Stablepoint Partners LLC lifted its holdings in Independent Bank by 1.2% during the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after buying an additional 283 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Independent Bank by 0.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock worth $4,911,000 after buying an additional 285 shares during the last quarter. HighTower Advisors LLC lifted its stake in Independent Bank by 6.8% in the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank’s stock valued at $383,000 after buying an additional 415 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of Independent Bank by 2.3% in the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock valued at $1,905,000 after acquiring an additional 713 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Independent Bank by 9.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank’s stock worth $557,000 after acquiring an additional 850 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Up 5.2 %

The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 14.64 and a beta of 0.78. The business’s fifty day moving average price is $68.59 and its 200 day moving average price is $62.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.