Independent Bank (INDB) Set to Announce Quarterly Earnings on Thursday

Independent Bank (NASDAQ:INDBGet Rating) is scheduled to issue its quarterly earnings data after the market closes on Thursday, April 21st. Analysts expect the company to announce earnings of $1.23 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

Independent Bank (NASDAQ:INDBGet Rating) last released its quarterly earnings results on Thursday, January 20th. The bank reported $1.63 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.60. The firm had revenue of $151.71 million for the quarter, compared to analyst estimates of $149.31 million. Independent Bank had a net margin of 23.22% and a return on equity of 9.12%. During the same period in the previous year, the business earned $1.05 earnings per share. On average, analysts expect Independent Bank to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

NASDAQ:INDB opened at $79.07 on Thursday. The firm has a market cap of $3.75 billion, a PE ratio of 21.66 and a beta of 0.88. Independent Bank has a 12 month low of $68.14 and a 12 month high of $93.52. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $83.51 and its two-hundred day moving average price is $83.27.

The business also recently announced a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Monday, March 28th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, March 25th. Independent Bank’s dividend payout ratio is presently 55.89%.

In other news, Director Scott Smith sold 900 shares of the stock in a transaction on Tuesday, February 8th. The shares were sold at an average price of $86.10, for a total transaction of $77,490.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher Oddleifson sold 1,050 shares of the stock in a transaction on Thursday, February 24th. The stock was sold at an average price of $80.50, for a total transaction of $84,525.00. The disclosure for this sale can be found here. Insiders sold 3,450 shares of company stock valued at $289,425 in the last ninety days. Insiders own 1.20% of the company’s stock.

Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Independent Bank by 43.6% during the fourth quarter. BlackRock Inc. now owns 7,001,106 shares of the bank’s stock worth $570,799,000 after purchasing an additional 2,127,208 shares during the last quarter. Deutsche Bank AG boosted its holdings in Independent Bank by 683.8% during the fourth quarter. Deutsche Bank AG now owns 239,645 shares of the bank’s stock worth $19,539,000 after purchasing an additional 209,070 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Independent Bank by 16.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 812,611 shares of the bank’s stock worth $66,252,000 after purchasing an additional 114,108 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Independent Bank by 44.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 249,953 shares of the bank’s stock worth $20,379,000 after purchasing an additional 76,613 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Independent Bank by 84.6% during the fourth quarter. Barclays PLC now owns 100,349 shares of the bank’s stock worth $8,181,000 after purchasing an additional 45,979 shares during the last quarter. 99.27% of the stock is owned by institutional investors.

A number of equities analysts have recently issued reports on INDB shares. StockNews.com started coverage on shares of Independent Bank in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research lowered shares of Independent Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, March 29th.

About Independent Bank (Get Rating)

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. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

See Also

Earnings History 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.