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Independent Bank Corp. (NASDAQ:INDB) issued its quarterly earnings results on Thursday. The bank reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02, Bloomberg Earnings reports. Independent Bank Corp. had a net margin of 23.62% and a return on equity of 9.80%. During the same quarter in the previous year, the company earned $0.78 EPS.
Shares of Independent Bank Corp. (NASDAQ INDB) traded down 0.52% on Thursday, hitting $66.35. 70,796 shares of the stock traded hands. The firm has a 50 day moving average price of $65.47 and a 200 day moving average price of $64.38. Independent Bank Corp. has a 52-week low of $46.75 and a 52-week high of $71.95. The firm has a market cap of $1.79 billion, a PE ratio of 22.49 and a beta of 0.97.
The company also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Monday, June 26th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Thursday, June 22nd. Independent Bank Corp.’s dividend payout ratio is 43.39%.
In related news, Director Kevin J. Jones sold 9,630 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $64.11, for a total transaction of $617,379.30. Following the sale, the director now owns 77,534 shares in the company, valued at approximately $4,970,704.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl Ribeiro sold 1,000 shares of the stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $62.24, for a total value of $62,240.00. Following the sale, the director now owns 14,647 shares in the company, valued at approximately $911,629.28. The disclosure for this sale can be found here. Insiders have sold a total of 16,733 shares of company stock worth $1,068,441 in the last 90 days. 2.67% of the stock is currently owned by insiders.
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INDB has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 22nd. Compass Point upgraded shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a report on Tuesday, March 28th. BidaskClub upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 15th. Finally, Piper Jaffray Companies started coverage on shares of Independent Bank Corp. in a report on Monday, May 15th. They issued a “neutral” rating and a $63.00 target price on the stock. Six research analysts have rated the stock with a hold rating, Independent Bank Corp. currently has a consensus rating of “Hold” and a consensus price target of $61.00.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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