Independent Bank (NASDAQ:INDB) Announces Quarterly Earnings Results

Independent Bank (NASDAQ:INDB) released its quarterly earnings results on Thursday. The bank reported $1.21 EPS for the quarter, topping analysts’ consensus estimates 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 Up 4.9 %

Shares of NASDAQ INDB opened at $67.04 on Friday. The business has a fifty day simple moving average of $68.49 and a 200-day simple moving average of $62.88. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 14.57 and a beta of 0.78. Independent Bank has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Wall Street Analysts Forecast Growth

INDB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on Independent Bank from $77.00 to $82.00 and gave the stock 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 report on Monday, October 21st. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Friday. Two analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Buy” and an average price target of $78.00.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.