Brokerages predict that Independent Bank Corp. (NASDAQ:INDB) will announce $118.93 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Independent Bank's earnings, with the lowest sales estimate coming in at $116.15 million and the highest estimate coming in at $121.70 million. Independent Bank reported sales of $119.29 million during the same quarter last year, which indicates a negative year over year growth rate of 0.3%. The firm is expected to report its next earnings report on Thursday, July 22nd.
On average, analysts expect that Independent Bank will report full-year sales of $510.10 million for the current fiscal year, with estimates ranging from $489.29 million to $530.90 million. For the next year, analysts expect that the business will report sales of $678.79 million, with estimates ranging from $666.88 million to $690.70 million. Zacks Investment Research's sales calculations are an average based on a survey of research analysts that cover Independent Bank.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Wednesday, April 21st. The bank reported $1.26 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $1.09 by $0.17. Independent Bank had a net margin of 24.99% and a return on equity of 7.97%.
A number of research analysts have issued reports on INDB shares. Seaport Global Securities upgraded shares of Independent Bank from a "neutral" rating to a "buy" rating and set a $94.00 target price on the stock in a research report on Monday. Piper Sandler upgraded shares of Independent Bank from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $86.00 to $90.00 in a research report on Friday, April 23rd. Finally, Zacks Investment Research lowered shares of Independent Bank from a "buy" rating to a "hold" rating in a research report on Monday, April 26th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. The company presently has an average rating of "Buy" and a consensus target price of $85.00.
In related news, COO Robert D. Cozzone sold 1,000 shares of the stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $83.24, for a total transaction of $83,240.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.17% of the company's stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Piscataqua Savings Bank acquired a new stake in shares of Independent Bank during the 1st quarter worth approximately $29,000. Canton Hathaway LLC acquired a new stake in Independent Bank in the fourth quarter valued at approximately $31,000. Toronto Dominion Bank acquired a new stake in Independent Bank in the fourth quarter valued at approximately $49,000. Veriti Management LLC acquired a new stake in Independent Bank in the fourth quarter valued at approximately $83,000. Finally, Baystate Wealth Management LLC boosted its position in Independent Bank by 44.8% in the fourth quarter. Baystate Wealth Management LLC now owns 1,438 shares of the bank's stock valued at $105,000 after buying an additional 445 shares in the last quarter. Institutional investors and hedge funds own 80.44% of the company's stock.
Independent Bank stock opened at $83.33 on Tuesday. The stock has a market cap of $2.75 billion, a P/E ratio of 20.94 and a beta of 1.01. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.18. Independent Bank has a twelve month low of $49.25 and a twelve month high of $99.85. The company's 50-day moving average price is $84.92 and its two-hundred day moving average price is $76.84.
The company also recently declared a quarterly dividend, which was paid on Friday, April 9th. Investors of record on Monday, March 29th were given a dividend of $0.48 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.46. The ex-dividend date was Friday, March 26th. This represents a $1.92 annualized dividend and a dividend yield of 2.30%. Independent Bank's dividend payout ratio (DPR) is currently 34.16%.
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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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