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

Independent Bank (NASDAQ:INDB - Get Free Report) issued its earnings results on Thursday. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05, Zacks reports. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%.

Independent Bank Stock Performance

Shares of Independent Bank stock traded up $1.52 during mid-day trading on Thursday, hitting $65.69. 425,245 shares of the stock were exchanged, compared to its average volume of 304,688. Independent Bank has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a 50-day simple moving average of $63.60 and a 200 day simple moving average of $63.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $2.80 billion, a P/E ratio of 14.80 and a beta of 0.84.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.59%. Independent Bank's dividend payout ratio is currently 53.15%.

Hedge Funds Weigh In On Independent Bank

Several hedge funds have recently modified their holdings of the company. Jane Street Group LLC increased its stake in shares of Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock worth $4,640,000 after purchasing an additional 68,458 shares during the last quarter. Goldman Sachs Group Inc. increased its stake 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 worth $37,584,000 after purchasing an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Independent Bank by 8.7% during the 1st 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 purchasing an additional 8,435 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Independent Bank by 10.6% during the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock worth $779,000 after purchasing an additional 1,189 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank's stock worth $1,583,000 after purchasing an additional 1,112 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on INDB. Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Piper Sandler reduced their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Independent Bank has a consensus rating of "Moderate Buy" and a consensus target price 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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