Independent Bank (NASDAQ:INDB) Issues Earnings Results, Beats Expectations By $0.05 EPS

Independent Bank (NASDAQ:INDB) released its quarterly earnings data on Thursday. The bank reported $1.21 earnings per share (EPS) for the quarter, beating 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 %

Independent Bank stock traded down $0.88 during mid-day trading on Thursday, reaching $63.92. 227,184 shares of the company were exchanged, compared to its average volume of 232,398. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The business has a fifty day moving average of $68.73 and a 200 day moving average of $62.75. The firm has a market cap of $2.72 billion, a P/E ratio of 13.90 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on INDB. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a report on Monday, October 21st. Keefe, Bruyette & Woods upped their target price 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and a consensus price target 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.