Q2 2018 Earnings Forecast for Independent Bank Corp. Issued By Piper Jaffray (INDB)

Independent Bank Corp. (NASDAQ:INDB) – Investment analysts at Piper Jaffray raised their Q2 2018 EPS estimates for Independent Bank in a research note issued on Monday, April 23rd. Piper Jaffray analyst M. Breese now forecasts that the bank will earn $1.11 per share for the quarter, up from their previous forecast of $1.08. Piper Jaffray also issued estimates for Independent Bank’s Q3 2018 earnings at $1.15 EPS, Q4 2018 earnings at $1.17 EPS, FY2018 earnings at $4.42 EPS, Q1 2019 earnings at $1.15 EPS and Q2 2019 earnings at $1.19 EPS.

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Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 19th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.03). The business had revenue of $88.33 million during the quarter. Independent Bank had a net margin of 25.38% and a return on equity of 10.49%.

A number of other analysts also recently issued reports on INDB. BidaskClub downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods reissued a “hold” rating on shares of Independent Bank in a report on Sunday, January 21st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $73.00.

NASDAQ INDB opened at $73.70 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1,980.89, a price-to-earnings ratio of 22.00 and a beta of 0.87. Independent Bank has a 12-month low of $59.65 and a 12-month high of $76.35.

Several institutional investors have recently modified their holdings of INDB. BlackRock Inc. lifted its holdings in shares of Independent Bank by 3.7% during the 4th quarter. BlackRock Inc. now owns 3,532,683 shares of the bank’s stock worth $246,758,000 after acquiring an additional 125,757 shares during the period. Rockland Trust Co. lifted its holdings in shares of Independent Bank by 7.2% during the 4th quarter. Rockland Trust Co. now owns 606,451 shares of the bank’s stock worth $26,376,000 after acquiring an additional 40,603 shares during the period. Deutsche Bank AG lifted its holdings in shares of Independent Bank by 88.2% during the 4th quarter. Deutsche Bank AG now owns 78,032 shares of the bank’s stock worth $5,449,000 after acquiring an additional 36,579 shares during the period. Opus Capital Group LLC bought a new position in Independent Bank in the 4th quarter valued at approximately $2,272,000. Finally, Arizona State Retirement System lifted its stake in Independent Bank by 223.2% in the 4th quarter. Arizona State Retirement System now owns 46,125 shares of the bank’s stock valued at $3,222,000 after purchasing an additional 31,854 shares during the last quarter. 79.58% of the stock is owned by institutional investors.

In other news, CFO Robert D. Cozzone purchased 788 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was bought at an average price of $71.25 per share, with a total value of $56,145.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christopher Oddleifson sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $72.60, for a total transaction of $87,120.00. Following the sale, the insider now directly owns 86,643 shares of the company’s stock, valued at approximately $6,290,281.80. The disclosure for this sale can be found here. Insiders own 2.67% of the company’s stock.

The firm 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. The ex-dividend date was Friday, March 23rd. This represents a $1.52 dividend on an annualized basis and a yield of 2.06%. This is an increase from Independent Bank’s previous quarterly dividend of $0.32. Independent Bank’s payout ratio is currently 45.37%.

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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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