Independent Bank Corp (INDB) Expected to Post Earnings of $1.03 Per Share

Equities research analysts expect Independent Bank Corp (NASDAQ:INDB) to report $1.03 earnings per share for the current quarter, according to Zacks. Zero analysts have made estimates for Independent Bank’s earnings. Independent Bank reported earnings per share of $0.78 during the same quarter last year, which suggests a positive year over year growth rate of 32.1%. The business is scheduled to issue its next quarterly earnings results on Thursday, April 19th.

According to Zacks, analysts expect that Independent Bank will report full year earnings of $4.38 per share for the current financial year. For the next year, analysts expect that the company will post earnings of $4.75 per share. Zacks’ earnings per share averages are an average based on a survey of research analysts that that provide coverage for Independent Bank.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.89. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The business had revenue of $89.70 million during the quarter, compared to analysts’ expectations of $88.31 million. During the same period in the previous year, the business posted $0.76 earnings per share. The firm’s revenue for the quarter was up 17.2% compared to the same quarter last year.

A number of research firms recently issued reports on INDB. BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a report on Thursday, January 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Independent Bank in a report on Sunday, January 21st. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Finally, Compass Point raised Independent Bank from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $73.00.

Independent Bank (NASDAQ:INDB) traded up $0.80 during trading on Friday, hitting $69.40. The company had a trading volume of 119,404 shares, compared to its average volume of 83,104. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.94. Independent Bank has a fifty-two week low of $58.30 and a fifty-two week high of $76.30. The company has a market capitalization of $1,880.00, a PE ratio of 21.76 and a beta of 0.91.

In other Independent Bank news, Director Carl Ribeiro sold 700 shares of the business’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $69.25, for a total transaction of $48,475.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donna L. Abelli sold 601 shares of the business’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $72.05, for a total value of $43,302.05. The disclosure for this sale can be found here. Insiders have sold a total of 3,501 shares of company stock valued at $249,087 over the last three months. Company insiders own 2.67% of the company’s stock.

A number of large investors have recently made changes to their positions in INDB. Sei Investments Co. raised its holdings in Independent Bank by 134,750.0% during the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock worth $202,000 after purchasing an additional 2,695 shares during the last quarter. Penobscot Investment Management Company Inc. acquired a new position in shares of Independent Bank during the 3rd quarter worth about $215,000. Amalgamated Bank grew its position in shares of Independent Bank by 3.6% during the 2nd quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock worth $243,000 after buying an additional 126 shares during the period. Fiduciary Trust Co. grew its position in shares of Independent Bank by 32.0% during the 3rd quarter. Fiduciary Trust Co. now owns 4,867 shares of the bank’s stock worth $363,000 after buying an additional 1,180 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth about $392,000. 79.53% of the stock is owned by hedge funds and other institutional investors.

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About Independent Bank

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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