Independent Bank (NASDAQ:INDB) Issues Quarterly Earnings Results

Independent Bank (NASDAQ:INDB) issued its earnings results 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 Trading Down 1.4 %

Shares of INDB traded down $0.88 during trading hours on Thursday, reaching $63.92. The stock had a trading volume of 227,184 shares, compared to its average volume of 232,398. The firm has a 50-day moving average of $68.73 and a 200 day moving average of $62.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.72 billion, a P/E ratio of 13.90 and a beta of 0.78. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend 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%.

Analysts Set New Price Targets

A number of brokerages have issued reports on INDB. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research note on Thursday, December 12th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently 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.