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

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

Independent Bank Price Performance

Independent Bank stock traded down $3.52 during midday trading on Friday, hitting $61.57. 588,907 shares of the company’s stock were exchanged, compared to its average volume of 279,765. The company has a market cap of $2.61 billion, a P/E ratio of 11.89 and a beta of 0.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a 50-day moving average price of $60.26 and a two-hundred day moving average price of $54.92. Independent Bank has a 52-week low of $44.63 and a 52-week high of $68.75.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.70%. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Analysts Set New Price Targets

INDB has been the subject of several recent research reports. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th.

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.