Independent Bank (NASDAQ:INDB) Issues Earnings Results

Independent Bank (NASDAQ:INDB) announced its quarterly earnings results on Thursday. The bank reported $1.21 earnings per share (EPS) for the quarter, topping 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 stock opened at $63.92 on Friday. 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 fifty-two week low of $45.11 and a fifty-two week high of $77.23. The stock has a 50 day simple moving average of $68.59 and a two-hundred day simple moving average of $62.75. 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 announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.57%. Independent Bank’s payout ratio is 49.57%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on INDB shares. 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 report 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 research report on Monday, October 21st. One 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. Based on data from MarketBeat, Independent Bank 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.