Independent Bank Corp (NASDAQ:INDB) – Equities researchers at DA Davidson decreased their FY2019 earnings per share estimates for shares of Independent Bank in a research note issued to investors on Friday, September 20th. DA Davidson analyst D. Bishop now expects that the bank will post earnings of $5.45 per share for the year, down from their previous estimate of $5.47. DA Davidson has a “Neutral” rating on the stock. DA Davidson also issued estimates for Independent Bank’s FY2020 earnings at $5.61 EPS.
A number of other research firms also recently weighed in on INDB. Compass Point upgraded Independent Bank from a “neutral” rating to a “buy” rating and raised their price target for the company from $77.00 to $83.00 in a research note on Friday, July 19th. BidaskClub upgraded Independent Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 14th. ValuEngine downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $84.33.
INDB stock opened at $73.93 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $70.54 and a two-hundred day moving average price of $75.94. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 15.76 and a beta of 1.19. Independent Bank has a twelve month low of $64.68 and a twelve month high of $89.80.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.09. Independent Bank had a return on equity of 12.99% and a net margin of 26.75%. The business had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million.
A number of hedge funds and other institutional investors have recently made changes to their positions in INDB. Toronto Dominion Bank acquired a new position in shares of Independent Bank during the 2nd quarter worth $27,000. Doyle Wealth Management acquired a new position in shares of Independent Bank during the 2nd quarter worth $29,000. Meeder Asset Management Inc. acquired a new position in shares of Independent Bank during the 2nd quarter worth $38,000. Point72 Asset Management L.P. acquired a new position in shares of Independent Bank during the 2nd quarter worth $38,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth $80,000. 78.28% of the stock is owned by hedge funds and other institutional investors.
In other Independent Bank news, Director William M. Parent sold 7,500 shares of Independent Bank stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $75.00, for a total value of $562,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is owned by insiders.
The business also recently disclosed a dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, September 27th. 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.