Independent Bank Corp. (NASDAQ:INDB) Forecasted to Earn Q3 2023 Earnings of $1.25 Per Share

Independent Bank Corp. (NASDAQ:INDB) – Equities researchers at Seaport Res Ptn issued their Q3 2023 EPS estimates for Independent Bank in a report released on Tuesday, September 12th. Seaport Res Ptn analyst L. Hunsicker anticipates that the bank will post earnings of $1.25 per share for the quarter. Seaport Res Ptn currently has a “Sell” rating on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $5.41 per share. Seaport Res Ptn also issued estimates for Independent Bank’s Q4 2023 earnings at $1.18 EPS and FY2023 earnings at $5.21 EPS.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 20th. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.08. The company had revenue of $183.30 million during the quarter, compared to analysts’ expectations of $184.40 million. Independent Bank had a net margin of 31.75% and a return on equity of 9.58%.

Separately, StockNews.com started coverage on Independent Bank in a report on Thursday, August 17th. They issued a “sell” rating for the company. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.00.

Independent Bank Stock Down 2.2 %

Shares of NASDAQ INDB opened at $51.11 on Thursday. The stock has a 50 day moving average price of $54.47 and a 200 day moving average price of $56.03. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 8.46 and a beta of 0.84. Independent Bank has a 52-week low of $43.28 and a 52-week high of $91.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.94.

Hedge Funds Weigh In On Independent Bank

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Independent Bank by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 5,422,075 shares of the bank’s stock worth $442,929,000 after acquiring an additional 215,685 shares in the last quarter. State Street Corp lifted its position in shares of Independent Bank by 2.4% during the first quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock valued at $191,187,000 after buying an additional 54,624 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank by 3.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,882,251 shares of the bank’s stock valued at $83,779,000 after buying an additional 71,462 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Independent Bank by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,615,855 shares of the bank’s stock worth $106,032,000 after buying an additional 41,852 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC raised its stake in shares of Independent Bank by 1.5% during the 2nd quarter. Silvercrest Asset Management Group LLC now owns 1,443,775 shares of the bank’s stock worth $64,262,000 after acquiring an additional 20,666 shares in the last quarter. Institutional investors own 80.16% of the company’s stock.

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. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.