Independent Bank (INDB) Set to Announce Quarterly Earnings on Thursday

Independent Bank (NASDAQ:INDB) is set to issue its quarterly earnings data after the market closes on Thursday, April 18th. Analysts expect the company to announce earnings of $1.15 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a net margin of 26.02% and a return on equity of 8.35%. The company had revenue of $177.16 million for the quarter, compared to the consensus estimate of $176.75 million. On average, analysts expect Independent Bank to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Independent Bank Stock Down 0.5 %

Shares of NASDAQ INDB opened at $48.47 on Wednesday. Independent Bank has a 12-month low of $43.28 and a 12-month high of $68.75. The company has a market capitalization of $2.06 billion, a PE ratio of 8.94 and a beta of 0.83. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average is $51.23 and its two-hundred day moving average is $54.90.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 4.70%. The ex-dividend date was Thursday, March 28th. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s dividend payout ratio is 42.07%.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 800 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently added to or reduced their stakes in INDB. Vanguard Group Inc. grew its holdings in Independent Bank by 4.1% during 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 grew its holdings in Independent Bank by 2.4% during the 1st quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after acquiring an additional 54,624 shares in the last quarter. Morgan Stanley grew its holdings in Independent Bank by 251.3% during the 4th quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after acquiring an additional 688,062 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Independent Bank by 4.7% in the 1st quarter. Geode Capital Management LLC now owns 913,343 shares of the bank’s stock worth $59,934,000 after buying an additional 40,699 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its position in shares of Independent Bank by 2.5% in the 1st quarter. Macquarie Group Ltd. now owns 815,049 shares of the bank’s stock worth $53,484,000 after buying an additional 19,619 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.

About Independent Bank

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.