Independent Bank Corp. (NASDAQ:INDB) Expected to Announce Quarterly Sales of $117.97 Million

Equities research analysts expect Independent Bank Corp. (NASDAQ:INDB) to report $117.97 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Independent Bank’s earnings. The lowest sales estimate is $117.64 million and the highest is $118.30 million. Independent Bank posted sales of $120.23 million during the same quarter last year, which suggests a negative year-over-year growth rate of 1.9%. The business is scheduled to issue its next earnings results after the market closes on Thursday, October 21st.

According to Zacks, analysts expect that Independent Bank will report full-year sales of $507.73 million for the current financial year, with estimates ranging from $493.85 million to $521.60 million. For the next year, analysts expect that the company will report sales of $677.20 million, with estimates ranging from $669.29 million to $685.10 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Independent Bank.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Wednesday, July 21st. The bank reported $1.17 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.09. The firm had revenue of $118.32 million for the quarter, compared to analyst estimates of $118.43 million. Independent Bank had a net margin of 29.87% and a return on equity of 8.79%.

Separately, Zacks Investment Research cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, July 28th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $85.75.

In other news, Director Eileen C. Miskell sold 2,645 shares of the company’s stock in a transaction on Friday, August 6th. The shares were sold at an average price of $72.79, for a total value of $192,529.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank boosted its position in Independent Bank by 70.7% during the 2nd quarter. Toronto Dominion Bank now owns 623 shares of the bank’s stock valued at $47,000 after buying an additional 258 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Independent Bank during the 1st quarter valued at $81,000. The PNC Financial Services Group Inc. boosted its position in Independent Bank by 101.7% during the 1st quarter. The PNC Financial Services Group Inc. now owns 1,511 shares of the bank’s stock valued at $127,000 after buying an additional 762 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Independent Bank in the 2nd quarter worth about $201,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Independent Bank in the 2nd quarter worth about $209,000. 85.67% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:INDB traded down $1.37 during trading on Wednesday, reaching $79.71. The company had a trading volume of 101,627 shares, compared to its average volume of 176,190. The company has a fifty day moving average of $75.49 and a two-hundred day moving average of $77.21. The stock has a market capitalization of $2.63 billion, a P/E ratio of 17.67 and a beta of 0.97. Independent Bank has a 12 month low of $50.80 and a 12 month high of $99.85. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.10.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 8th. Stockholders of record on Monday, September 27th were paid a $0.48 dividend. The ex-dividend date was Friday, September 24th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.41%. Independent Bank’s dividend payout ratio (DPR) is 52.46%.

About Independent Bank

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.

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