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

Independent Bank (NASDAQ:INDB) is scheduled to post its quarterly earnings results after the market closes on Thursday, April 18th. Analysts expect Independent Bank to post earnings of $1.15 per share for the quarter. Individual interested in registering for the company’s earnings conference call can do so using this link.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. Independent Bank had a net margin of 26.02% and a return on equity of 8.35%. The business had revenue of $177.16 million for the quarter, compared to analysts’ expectations of $176.75 million. On average, analysts expect Independent Bank to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Independent Bank Stock Up 0.1 %

INDB stock opened at $48.70 on Tuesday. The firm has a fifty day moving average price of $51.23 and a two-hundred day moving average price of $54.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank has a 1-year low of $43.28 and a 1-year high of $68.75. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 8.99 and a beta of 0.83.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were paid a dividend of $0.57 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank’s dividend payout ratio is presently 42.07%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

Insider Buying and Selling

In other news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the transaction, the director now directly owns 11,640 shares in the company, valued at $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.97% of the stock is owned by insiders.

Institutional Trading of Independent Bank

Several institutional investors have recently bought and sold shares of INDB. First Republic Investment Management Inc. grew its holdings in Independent Bank by 18.8% during the 1st quarter. First Republic Investment Management Inc. now owns 12,200 shares of the bank’s stock worth $997,000 after acquiring an additional 1,927 shares during the last quarter. Guggenheim Capital LLC lifted its position in Independent Bank by 12.3% during the 1st quarter. Guggenheim Capital LLC now owns 2,965 shares of the bank’s stock valued at $242,000 after purchasing an additional 325 shares during the period. Captrust Financial Advisors grew its position in shares of Independent Bank by 5.5% during the 1st quarter. Captrust Financial Advisors now owns 12,885 shares of the bank’s stock worth $1,059,000 after buying an additional 677 shares during the period. State Street Corp raised its stake in shares of Independent Bank by 2.4% during the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after buying an additional 54,624 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Independent Bank by 25.9% in the first quarter. Hsbc Holdings PLC now owns 439,100 shares of the bank’s stock valued at $36,182,000 after acquiring an additional 90,416 shares during the last quarter. Institutional investors and hedge funds own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.