Independent Bank Corp. (NASDAQ:INDB) is scheduled to announce its earnings results after the market closes on Thursday, July 20th. Analysts expect the company to announce earnings of $0.80 per share for the quarter.
Independent Bank Corp. (NASDAQ:INDB) last announced its earnings results on Thursday, April 20th. The bank reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. The business had revenue of $79.11 million for the quarter, compared to analysts’ expectations of $80.19 million. Independent Bank Corp. had a return on equity of 9.80% and a net margin of 23.62%. During the same quarter last year, the firm earned $0.72 EPS. On average, analysts expect Independent Bank Corp. to post $3.28 EPS for the current fiscal year and $3.78 EPS for the next fiscal year.
Shares of Independent Bank Corp. (NASDAQ:INDB) opened at 66.60 on Tuesday. The firm’s 50-day moving average price is $63.76 and its 200 day moving average price is $64.69. The company has a market cap of $1.80 billion, a PE ratio of 22.58 and a beta of 0.97. Independent Bank Corp. has a 12 month low of $46.74 and a 12 month high of $71.95.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Monday, June 26th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, June 22nd. This represents a $1.28 annualized dividend and a dividend yield of 1.92%. Independent Bank Corp.’s dividend payout ratio (DPR) is 43.39%.
In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 6,103 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $63.71, for a total value of $388,822.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin J. Jones sold 9,630 shares of the company’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $64.11, for a total transaction of $617,379.30. Following the completion of the transaction, the director now owns 77,534 shares of the company’s stock, valued at approximately $4,970,704.74. The disclosure for this sale can be found here. Insiders sold 16,733 shares of company stock valued at $1,068,441 in the last 90 days. 2.67% of the stock is currently owned by insiders.
Several equities analysts have commented on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. BidaskClub downgraded shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Piper Jaffray Companies initiated coverage on shares of Independent Bank Corp. in a research note on Monday, May 15th. They set a “neutral” rating and a $63.00 target price for the company. Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Finally, Compass Point upgraded shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a research note on Tuesday, March 28th. Six equities research analysts have rated the stock with a hold rating, Independent Bank Corp. has an average rating of “Hold” and a consensus target price of $61.00.
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About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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