Independent Bank Corp. to Post Q2 2024 Earnings of $1.07 Per Share, Seaport Res Ptn Forecasts (NASDAQ:INDB)

Independent Bank Corp. (NASDAQ:INDB - Free Report) - Equities research analysts at Seaport Res Ptn decreased their Q2 2024 EPS estimates for Independent Bank in a research note issued on Wednesday, May 1st. Seaport Res Ptn analyst L. Hunsicker now anticipates that the bank will earn $1.07 per share for the quarter, down from their prior forecast of $1.13. The consensus estimate for Independent Bank's current full-year earnings is $4.53 per share. Seaport Res Ptn also issued estimates for Independent Bank's Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.03 EPS, FY2024 earnings at $4.26 EPS and Q1 2025 earnings at $1.06 EPS.

A number of other research firms have also recently commented on INDB. TheStreet cut Independent Bank from a "b-" rating to a "c+" rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $64.00 to $60.00 and set a "market perform" rating on the stock in a research note on Monday, April 22nd.

Independent Bank Trading Up 0.9 %

Shares of Independent Bank stock traded up $0.46 on Thursday, reaching $51.33. The company had a trading volume of 293,016 shares, compared to its average volume of 292,264. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $2.18 billion, a PE ratio of 9.91 and a beta of 0.84. The firm's 50 day moving average price is $50.67 and its two-hundred day moving average price is $55.03. Independent Bank has a 52-week low of $43.28 and a 52-week high of $68.75.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were paid a $0.57 dividend. This is a boost from Independent Bank's previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend was Thursday, March 28th. Independent Bank's dividend payout ratio (DPR) is presently 44.02%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company's stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total transaction of $42,264.00. Following the sale, the director now owns 11,640 shares in the company, valued at approximately $614,941.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its holdings in shares of Independent Bank by 5.1% in the 3rd quarter. HighTower Advisors LLC now owns 5,892 shares of the bank's stock valued at $289,000 after purchasing an additional 287 shares in the last quarter. Covestor Ltd lifted its holdings in Independent Bank by 13.5% during the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank's stock worth $128,000 after buying an additional 310 shares during the last quarter. Diversified Trust Co lifted its holdings in Independent Bank by 3.5% during the 4th quarter. Diversified Trust Co now owns 10,116 shares of the bank's stock worth $666,000 after buying an additional 345 shares during the last quarter. Swiss National Bank boosted its position in shares of Independent Bank by 0.4% during the 3rd quarter. Swiss National Bank now owns 96,978 shares of the bank's stock worth $4,761,000 after acquiring an additional 400 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Independent Bank by 4.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 10,677 shares of the bank's stock valued at $703,000 after acquiring an additional 434 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

About Independent Bank

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.