Independent Bank (NASDAQ:INDB) Shares Up 6.4% Following Strong Earnings

Independent Bank Corp. (NASDAQ:INDB - Get Free Report)'s share price traded up 6.4% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $71.19 and last traded at $69.92. 130,588 shares were traded during trading, a decline of 61% from the average session volume of 332,619 shares. The stock had previously closed at $65.69.

The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. The firm had revenue of $181.80 million for the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a $0.59 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.38%. Independent Bank's payout ratio is currently 53.15%.

Analysts Set New Price Targets

A number of research analysts have weighed in on INDB shares. Wall Street Zen lowered Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler reduced their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $71.00.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INDB. Proficio Capital Partners LLC acquired a new position in Independent Bank during the fourth quarter worth $1,515,000. Raymond James Financial Inc. purchased a new position in Independent Bank during the fourth quarter worth about $1,646,000. HighTower Advisors LLC lifted its position in Independent Bank by 4.1% during the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after buying an additional 267 shares during the period. Swiss National Bank lifted its position in Independent Bank by 0.8% during the fourth quarter. Swiss National Bank now owns 83,578 shares of the bank's stock worth $5,365,000 after buying an additional 700 shares during the period. Finally, Natixis Advisors LLC purchased a new position in Independent Bank during the fourth quarter worth about $722,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

The company has a 50-day moving average of $63.68 and a two-hundred day moving average of $63.37. The stock has a market capitalization of $2.97 billion, a PE ratio of 15.75 and a beta of 0.84. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96.

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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