Independent Bank (NASDAQ:INDB) Posts Earnings Results, Beats Expectations By $0.05 EPS

Independent Bank (NASDAQ:INDB) issued its quarterly earnings results on Thursday. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.05, FiscalAI reports. The business had revenue of $261.95 million during the quarter, compared to the consensus estimate of $261.27 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.

Independent Bank Stock Performance

Shares of INDB traded up $1.04 during midday trading on Thursday, hitting $77.08. 607,257 shares of the stock traded hands, compared to its average volume of 358,870. The business’s 50 day moving average price is $81.71 and its two-hundred day moving average price is $81.06. The firm has a market capitalization of $3.65 billion, a PE ratio of 13.91 and a beta of 0.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank has a 1-year low of $63.33 and a 1-year high of $87.50.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Monday, September 28th were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, September 28th. This represents a $2.56 annualized dividend and a dividend yield of 3.3%. Independent Bank’s payout ratio is 46.21%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Piper Sandler upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods lowered their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $91.86.

Insider Transactions at Independent Bank

In related news, Director Gerard Nadeau sold 5,307 shares of Independent Bank stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by company insiders.

About Independent Bank

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.