Analysts expect that Independent Bank Corp. (NASDAQ:INDB) will post $1.10 earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have provided estimates for Independent Bank’s earnings. The lowest EPS estimate is $1.05 and the highest is $1.15. Independent Bank posted earnings of $0.76 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 44.7%. The business is expected to report its next earnings report after the market closes on Thursday, July 22nd.
On average, analysts expect that Independent Bank will report full-year earnings of $4.51 per share for the current financial year, with EPS estimates ranging from $4.36 to $4.66. For the next financial year, analysts forecast that the business will post earnings of $4.82 per share, with EPS estimates ranging from $4.72 to $4.91. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Independent Bank.
Independent Bank (NASDAQ:INDB) last released its earnings results on Wednesday, April 21st. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.17. The business had revenue of $120.83 million for the quarter, compared to the consensus estimate of $115.38 million. Independent Bank had a net margin of 26.98% and a return on equity of 8.06%.
Independent Bank stock opened at $70.48 on Monday. The stock has a 50 day moving average price of $77.06. The stock has a market capitalization of $2.33 billion, a P/E ratio of 16.93 and a beta of 0.97. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank has a fifty-two week low of $49.25 and a fifty-two week high of $99.85.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Monday, June 28th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Friday, June 25th. Independent Bank’s dividend payout ratio (DPR) is presently 52.46%.
In other Independent Bank news, COO Robert D. Cozzone sold 1,000 shares of Independent Bank stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $83.24, for a total value of $83,240.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. Piscataqua Savings Bank acquired a new stake in shares of Independent Bank in the first quarter worth $29,000. Point72 Hong Kong Ltd acquired a new stake in shares of Independent Bank in the first quarter worth $81,000. The PNC Financial Services Group Inc. lifted its stake in shares of Independent Bank by 101.7% in the first quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock worth $127,000 after buying an additional 762 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Independent Bank in the first quarter worth $210,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Independent Bank in the first quarter worth $215,000. Hedge funds and other institutional investors own 80.36% of the company’s stock.
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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