Independent Bank (NASDAQ:INDB) Trading 6.4% Higher After Strong Earnings

Independent Bank Corp. (NASDAQ:INDB) shares traded up 6.4% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $71.19 and last traded at $69.92. 130,588 shares were traded during trading, a decline of 61% from the average session volume of 332,619 shares. The stock had previously closed at $65.69.

The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.43%. The firm had revenue of $181.80 million for the quarter, compared to the consensus estimate of $179.47 million.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank’s payout ratio is 53.15%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Independent Bank by 2.3% during the first quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank’s stock worth $321,702,000 after acquiring an additional 116,820 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank’s stock worth $146,554,000 after acquiring an additional 20,603 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Independent Bank by 910.4% during the first quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank’s stock worth $67,556,000 after acquiring an additional 971,587 shares in the last quarter. Deprince Race & Zollo Inc. raised its stake in shares of Independent Bank by 687.2% during the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Finally, Rockland Trust Co. raised its stake in shares of Independent Bank by 21.1% during the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock worth $43,268,000 after acquiring an additional 127,332 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

The stock has a market capitalization of $2.96 billion, a PE ratio of 15.68 and a beta of 0.84. The firm’s 50 day simple moving average is $63.83 and its 200 day simple moving average is $63.40. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank Company Profile

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.