Independent Bank (INDB) Announces Earnings Results

Independent Bank (NASDAQ:INDB) announced its quarterly earnings data on Thursday. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.03), Bloomberg Earnings reports. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%.

Independent Bank stock traded down $1.30 during trading hours on Friday, reaching $72.60. 23,388 shares of the stock were exchanged, compared to its average volume of 73,410. The company has a market capitalization of $2,005.65, a price-to-earnings ratio of 21.70 and a beta of 0.88. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. Independent Bank has a twelve month low of $59.65 and a twelve month high of $76.35.

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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 paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.09%. This is an increase from Independent Bank’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, March 23rd. Independent Bank’s dividend payout ratio is presently 45.37%.

A number of brokerages have issued reports on INDB. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of Independent Bank in a research note on Sunday, January 21st. BidaskClub upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Thursday, March 8th. Finally, Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $73.00.

In related news, CFO Robert D. Cozzone purchased 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, for a total transaction of $56,145.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Donna L. Abelli sold 601 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $72.05, for a total transaction of $43,302.05. The disclosure for this sale can be found here. Corporate insiders own 2.67% of the company’s stock.

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Independent Bank Company Profile

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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