Independent Bank (NASDAQ:INDB – Get Free Report) is scheduled to be issuing 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 that wish to listen to the company’s conference call can do so using this link.
Independent Bank (NASDAQ:INDB – Get Free Report) last announced its earnings results on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $177.16 million during the quarter, compared to analysts’ expectations of $176.75 million. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. 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 Price Performance
INDB stock opened at $48.47 on Wednesday. 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 has a market capitalization of $2.06 billion, a P/E ratio of 8.94 and a beta of 0.83. The business’s 50-day moving average is $51.23 and its two-hundred day moving average is $54.90. Independent Bank has a 1 year low of $43.28 and a 1 year high of $68.75.
Independent Bank Increases Dividend
Wall Street Analysts Forecast Growth
INDB has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price target on 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 Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.
Check Out Our Latest Research Report on Independent Bank
Insider Buying and Selling
In other news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the transaction, the director now directly owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.97% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Independent Bank
Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in 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 buying an additional 215,685 shares in the last quarter. State Street Corp grew its holdings in Independent Bank by 2.4% in the 1st quarter. State Street Corp now owns 2,325,701 shares of the bank’s stock worth $191,187,000 after buying an additional 54,624 shares in the last quarter. Morgan Stanley grew its holdings in Independent Bank by 251.3% in the 4th quarter. Morgan Stanley now owns 961,843 shares of the bank’s stock worth $81,208,000 after buying an additional 688,062 shares in the last quarter. Geode Capital Management LLC grew its holdings in 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 in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 83.40% 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.
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