$1.39 EPS Expected for Independent Bank Corp (NASDAQ:INDB) This Quarter
Analysts expect that Independent Bank Corp (NASDAQ:INDB) will announce earnings of $1.39 per share for the current quarter, according to Zacks Investment Research. Zero analysts have made estimates for Independent Bank’s earnings. Independent Bank reported earnings of $1.27 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 9.4%. The company is expected to issue its next quarterly earnings report after the market closes on Thursday, October 17th.
According to Zacks, analysts expect that Independent Bank will report full year earnings of $5.45 per share for the current fiscal year. For the next fiscal year, analysts forecast that the business will report earnings of $5.61 per share. Zacks’ EPS averages are an average based on a survey of research firms that follow Independent Bank.
Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.33 by $0.09. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. The business had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million.
In other news, Director William M. Parent sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total value of $562,500.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of INDB. Jennison Associates LLC raised its holdings in shares of Independent Bank by 2.1% during the second quarter. Jennison Associates LLC now owns 9,442 shares of the bank’s stock valued at $719,000 after purchasing an additional 192 shares during the last quarter. LS Investment Advisors LLC raised its holdings in shares of Independent Bank by 10.7% during the second quarter. LS Investment Advisors LLC now owns 2,182 shares of the bank’s stock valued at $166,000 after purchasing an additional 211 shares during the last quarter. Boston Advisors LLC raised its holdings in shares of Independent Bank by 2.8% during the second quarter. Boston Advisors LLC now owns 8,240 shares of the bank’s stock valued at $627,000 after purchasing an additional 225 shares during the last quarter. Winslow Evans & Crocker Inc. raised its holdings in shares of Independent Bank by 24.2% during the second quarter. Winslow Evans & Crocker Inc. now owns 1,180 shares of the bank’s stock valued at $92,000 after purchasing an additional 230 shares during the last quarter. Finally, Toronto Dominion Bank purchased a new position in shares of Independent Bank during the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 78.28% of the company’s stock.
NASDAQ:INDB traded up $0.40 during mid-day trading on Thursday, hitting $71.38. 60,094 shares of the company’s stock were exchanged, compared to its average volume of 125,447. Independent Bank has a one year low of $64.68 and a one year high of $87.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.99 and a quick ratio of 0.98. The business has a fifty day moving average price of $71.31 and a 200 day moving average price of $75.16. The company has a market cap of $2.44 billion, a PE ratio of 15.22 and a beta of 1.20.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $0.44 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.76 annualized dividend and a dividend yield of 2.47%. Independent Bank’s dividend payout ratio is presently 37.53%.
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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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