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

Independent Bank (NASDAQ:INDB) issued its quarterly earnings data on Thursday. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate 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 Stock Down 1.4 %

Shares of NASDAQ INDB traded down $0.88 during mid-day trading on Thursday, hitting $63.92. The company had a trading volume of 227,184 shares, compared to its average volume of 232,398. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The company has a market capitalization of $2.72 billion, a PE ratio of 13.90 and a beta of 0.78. 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 50-day simple moving average of $68.73 and a two-hundred day simple moving average of $62.75.

Independent Bank Announces Dividend

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

Analyst Ratings Changes

A number of research firms have issued reports on INDB. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a report on Monday, October 21st. Keefe, Bruyette & Woods increased their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a report on Thursday, December 12th. One research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

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.