Independent Bank (NASDAQ:INDB) Issues Earnings Results

Independent Bank (NASDAQ:INDB) released its quarterly earnings data on Thursday. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.05, FiscalAI reports. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The firm had revenue of $261.95 million for the quarter, compared to analysts’ expectations of $261.27 million.

Independent Bank Trading Up 1.4%

Shares of NASDAQ:INDB traded up $1.04 on Thursday, hitting $77.08. The company had a trading volume of 609,362 shares, compared to its average volume of 360,309. The firm’s 50-day simple moving average is $81.71 and its two-hundred day simple moving average is $81.06. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 13.91 and a beta of 0.78. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. Independent Bank has a 1 year low of $63.33 and a 1 year high of $87.50.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, September 28th. Independent Bank’s dividend payout ratio (DPR) is currently 46.21%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Piper Sandler raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $91.86.

Insider Activity

In related news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director directly owned 17,649 shares of the company’s stock, valued at $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gerard F. Nadeau sold 5,307 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the sale, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by insiders.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.