Independent Bank (NASDAQ:INDB) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Independent Bank (NASDAQ:INDB) posted its quarterly earnings data on Thursday. The bank reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02, Yahoo Finance reports. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the prior year, the business earned $1.38 earnings per share.

Independent Bank Stock Performance

Independent Bank stock opened at $65.09 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average of $60.19 and a 200-day moving average of $54.84. The firm has a market cap of $2.76 billion, a P/E ratio of 12.57 and a beta of 0.74. Independent Bank has a 1-year low of $44.63 and a 1-year high of $68.75.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.50%. Independent Bank’s dividend payout ratio is currently 44.02%.

Wall Street Analyst Weigh In

Several research firms have issued reports on INDB. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.

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.