Independent Bank (NASDAQ:INDB) Releases Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Independent Bank beat quarterly expectations, reporting EPS of $1.90 versus the $1.85 consensus and revenue of $261.95 million compared with estimates of $261.27 million.
• The bank declared a quarterly dividend of $0.64 per share, equivalent to $2.56 annually and a 3.3% yield.
• Analyst sentiment remains positive, with an average “Buy” rating and a consensus price target of $91.86, although two directors recently sold shares.

Independent Bank (NASDAQ:INDB - Get Free Report) posted its earnings results on Thursday. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.85 by $0.05, FiscalAI reports. The business had revenue of $261.95 million during the quarter, compared to analyst estimates of $261.27 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.

Independent Bank Stock Up 1.4%

NASDAQ INDB traded up $1.04 during mid-day trading on Thursday, reaching $77.08. 607,257 shares of the company's stock traded hands, compared to its average volume of 358,870. Independent Bank has a 1-year low of $63.33 and a 1-year high of $87.50. The company has a fifty day simple moving average of $81.71 and a 200-day simple moving average of $81.06. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a market cap of $3.65 billion, a price-to-earnings ratio of 13.91 and a beta of 0.78.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Monday, September 28th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, September 28th. Independent Bank's dividend payout ratio (DPR) is 46.21%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Gerard Nadeau sold 5,307 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares of the company's stock, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Piper Sandler upgraded Independent Bank from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a research report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $91.86.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Rockland Trust Company, a full-service community bank headquartered in Rockland, Massachusetts. Through Rockland Trust, the company provides banking and financial services to individuals, families, businesses, nonprofits and municipalities.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial lending, home equity loans, mortgages, cash management, online and mobile banking, and other treasury management solutions.

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