Independent Bank (NASDAQ:INDB) posted its earnings results on Wednesday. The bank reported $1.17 EPS for the quarter, topping the consensus estimate of $1.03 by $0.14, Fidelity Earnings reports. Independent Bank had a net margin of 24.99% and a return on equity of 7.97%. The firm had revenue of $118.91 million during the quarter, compared to analysts’ expectations of $120.70 million.
INDB stock opened at $78.08 on Friday. Independent Bank has a 12 month low of $49.25 and a 12 month high of $81.81. The firm has a market cap of $2.57 billion, a PE ratio of 19.62 and a beta of 1.01. The firm has a 50 day simple moving average of $75.48 and a 200 day simple moving average of $65.07. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.98 and a quick ratio of 0.97.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 8th. Investors of record on Monday, December 28th were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, December 24th. Independent Bank’s dividend payout ratio is presently 32.74%.
In related news, General Counsel Edward H. Seksay sold 1,000 shares of the stock in a transaction that occurred on Wednesday, December 2nd. The shares were sold at an average price of $68.50, for a total transaction of $68,500.00. Following the completion of the sale, the general counsel now directly owns 13,048 shares of the company’s stock, valued at $893,788. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eileen C. Miskell sold 800 shares of the stock in a transaction that occurred on Wednesday, December 9th. The shares were sold at an average price of $73.49, for a total transaction of $58,792.00. The disclosure for this sale can be found here. 1.17% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in INDB. Private Advisor Group LLC acquired a new stake in shares of Independent Bank during the second quarter valued at approximately $44,000. Meeder Asset Management Inc. acquired a new stake in shares of Independent Bank during the third quarter valued at approximately $96,000. Baystate Wealth Management LLC raised its holdings in shares of Independent Bank by 44.8% during the fourth quarter. Baystate Wealth Management LLC now owns 1,438 shares of the bank’s stock valued at $105,000 after acquiring an additional 445 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Independent Bank by 14.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,873 shares of the bank’s stock valued at $203,000 after acquiring an additional 476 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Independent Bank during the fourth quarter valued at approximately $212,000. Institutional investors and hedge funds own 80.44% of the company’s stock.
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 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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