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

Independent Bank (NASDAQ:INDB) released its quarterly earnings results on Thursday. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05, Zacks reports. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%.

Independent Bank Trading Down 1.4 %

Shares of NASDAQ INDB traded down $0.88 during midday trading on Thursday, hitting $63.92. The company’s stock had a trading volume of 227,184 shares, compared to its average volume of 232,398. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2.72 billion, a P/E ratio of 13.90 and a beta of 0.78. The business’s 50 day moving average is $68.73 and its two-hundred day moving average is $62.75.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.57%. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Analyst Ratings Changes

Several brokerages have weighed in on INDB. Keefe, Bruyette & Woods boosted their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research note on Thursday, December 12th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average price target of $78.00.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.