Independent Bank (NASDAQ:INDB) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Independent Bank reported quarterly earnings of $1.55 per share, exceeding analysts' estimates of $1.54 by $0.01.
• The bank's stock price dropped 5.2% to $64.39 following the earnings report, with a market cap of $3.21 billion.
• Independent Bank announced a quarterly dividend of $0.59, resulting in an annualized yield of 3.7% and a dividend payout ratio of 53.27%.

Independent Bank (NASDAQ:INDB - Get Free Report) released its quarterly earnings results on Thursday. The bank reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.01, Zacks reports. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%.

Independent Bank Stock Down 5.2%

NASDAQ:INDB traded down $3.53 during trading hours on Thursday, hitting $64.39. 521,886 shares of the company traded hands, compared to its average volume of 334,802. Independent Bank has a one year low of $52.15 and a one year high of $77.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm's 50-day simple moving average is $69.34 and its 200-day simple moving average is $64.61. The company has a market cap of $3.21 billion, a PE ratio of 14.53 and a beta of 0.85.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank's dividend payout ratio (DPR) is 53.27%.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in shares of Independent Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock valued at $779,000 after acquiring an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Independent Bank by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank's stock worth $1,583,000 after buying an additional 1,112 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock valued at $37,584,000 after acquiring an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Independent Bank by 8.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank's stock worth $6,623,000 after buying an additional 8,435 shares during the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Independent Bank by 1,222.7% during the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock valued at $4,640,000 after acquiring an additional 68,458 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on INDB shares. Zacks Research downgraded shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Independent Bank in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $71.00.

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.

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