Independent Bank (INDB) Issues Earnings Results, Misses Expectations By $0.03 EPS

Independent Bank (NASDAQ:INDB) posted its quarterly earnings results on Thursday. The bank reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.03), Bloomberg Earnings reports. Independent Bank had a net margin of 25.38% and a return on equity of 10.56%. The business had revenue of $88.33 million during the quarter.

Shares of NASDAQ INDB opened at $72.00 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. Independent Bank has a one year low of $59.65 and a one year high of $76.35. The firm has a market capitalization of $2,033.16, a price-to-earnings ratio of 20.64 and a beta of 0.88.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, April 6th. Shareholders of record on Monday, March 26th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.11%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, March 23rd. Independent Bank’s dividend payout ratio is currently 45.37%.

A number of research analysts have commented on INDB shares. BidaskClub raised Independent Bank from a “hold” rating to a “buy” rating in a report on Friday, March 30th. Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Independent Bank in a report on Sunday, January 21st. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Independent Bank presently has an average rating of “Hold” and an average price target of $73.00.

In related news, CFO Robert D. Cozzone bought 788 shares of Independent Bank stock in a transaction dated Friday, February 23rd. The shares were bought at an average cost of $71.25 per share, with a total value of $56,145.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Christopher Oddleifson sold 1,200 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $72.60, for a total value of $87,120.00. Following the sale, the insider now directly owns 86,643 shares in the company, valued at $6,290,281.80. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.

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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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Earnings History for Independent Bank (NASDAQ:INDB)

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