FY2024 Earnings Estimate for INDB Issued By Seaport Res Ptn

Independent Bank Corp. (NASDAQ:INDB) – Investment analysts at Seaport Res Ptn increased their FY2024 earnings estimates for shares of Independent Bank in a research report issued to clients and investors on Monday, October 21st. Seaport Res Ptn analyst L. Hunsicker now expects that the bank will post earnings of $4.50 per share for the year, up from their previous estimate of $4.24. Seaport Res Ptn currently has a “Strong-Buy” rating on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $4.49 per share. Seaport Res Ptn also issued estimates for Independent Bank’s Q4 2024 earnings at $1.16 EPS, Q1 2025 earnings at $1.22 EPS and Q2 2025 earnings at $1.29 EPS.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the previous year, the company posted $1.38 EPS.

A number of other research analysts have also recently commented on the stock. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday. Keefe, Bruyette & Woods boosted their price target on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday. Finally, StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Trading Up 0.9 %

Shares of INDB stock opened at $62.74 on Thursday. The company’s 50-day moving average price is $60.55 and its 200-day moving average price is $55.22. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 12.11 and a beta of 0.74. Independent Bank has a twelve month low of $44.63 and a twelve month high of $68.75.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.63%. Independent Bank’s payout ratio is 44.02%.

Institutional Trading of Independent Bank

A number of large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Independent Bank by 5.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 24,552 shares of the bank’s stock worth $1,452,000 after buying an additional 1,316 shares during the period. Moody Aldrich Partners LLC increased its stake in shares of Independent Bank by 39.8% during the third quarter. Moody Aldrich Partners LLC now owns 133,538 shares of the bank’s stock worth $7,896,000 after buying an additional 38,014 shares during the period. Eastern Bank increased its stake in shares of Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after buying an additional 19,048 shares during the period. Stablepoint Partners LLC boosted its holdings in Independent Bank by 1.2% in the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 283 shares in the last quarter. Finally, CWM LLC boosted its holdings in Independent Bank by 28.1% in the third quarter. CWM LLC now owns 11,154 shares of the bank’s stock valued at $660,000 after purchasing an additional 2,450 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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.