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.
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%.
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.
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