Brokerages Expect Independent Bank Corp. (NASDAQ:INDB) to Announce $1.10 Earnings Per Share

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%.

Several research analysts have recently weighed in on INDB shares. Zacks Investment Research downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Monday, June 28th. Seaport Global Securities raised shares of Independent Bank from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Monday, April 26th. Finally, Piper Sandler raised shares of Independent Bank from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $86.00 to $90.00 in a research report on Friday, April 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $85.75.

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.

See Also: Is the Dow Jones Industrial Average (DJIA) still relevant?

Get a free copy of the Zacks research report on Independent Bank (INDB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.