Independent Bank (NASDAQ:INDB) Issues Earnings Results, Beats Expectations By $0.02 EPS

Independent Bank (NASDAQ:INDB) released its earnings results on Thursday. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02, Yahoo Finance reports. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period last year, the business earned $1.38 earnings per share.

Independent Bank Stock Down 5.4 %

NASDAQ INDB opened at $61.57 on Friday. 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’s 50 day moving average is $60.26 and its two-hundred day moving average is $54.92. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 11.89 and a beta of 0.74. Independent Bank has a 1-year low of $44.63 and a 1-year high of $68.75.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s payout ratio is 44.02%.

Analysts Set New Price Targets

INDB has been the topic of a number of recent research reports. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.

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.