The Independent Bank Corp. (INDB) Posts Earnings Results, Misses Expectations By $0.03 EPS

The Independent Bank Corp. (INDB) Posts  Earnings Results, Misses Expectations By $0.03 EPS

Independent Bank Corp. (NASDAQ:INDB) issued its quarterly earnings results on Thursday. The company reported $0.76 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by $0.03. Independent Bank Corp. had a return on equity of 10.02% and a net margin of 24.39%.

Independent Bank Corp. (NASDAQ:INDB) traded down 1.62% on Thursday, hitting $66.95. 63,612 shares of the company were exchanged. Independent Bank Corp. has a 52 week low of $39.58 and a 52 week high of $71.95. The firm’s 50 day moving average is $69.09 and its 200 day moving average is $57.24. The company has a market capitalization of $1.76 billion, a P/E ratio of 22.33 and a beta of 0.96.

The company also recently announced a quarterly dividend, which was paid on Friday, January 6th. Investors of record on Monday, December 26th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Wednesday, December 21st. Independent Bank Corp.’s dividend payout ratio (DPR) is 38.67%.

In other Independent Bank Corp. news, Director Eileen C. Miskell sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The shares were sold at an average price of $55.85, for a total transaction of $55,850.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Carl Ribeiro sold 746 shares of the company’s stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $69.55, for a total transaction of $51,884.30. The disclosure for this sale can be found here. Insiders have sold a total of 18,188 shares of company stock worth $1,099,232 in the last 90 days. 3.02% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Riverhead Capital Management LLC raised its position in shares of Independent Bank Corp. by 100.5% in the second quarter. Riverhead Capital Management LLC now owns 15,616 shares of the company’s stock worth $1,626,000 after buying an additional 7,828 shares during the last quarter. Allianz Asset Management AG raised its position in shares of Independent Bank Corp. by 16.0% in the second quarter. Allianz Asset Management AG now owns 6,417 shares of the company’s stock worth $293,000 after buying an additional 885 shares during the last quarter. State Street Corp raised its position in shares of Independent Bank Corp. by 2.0% in the second quarter. State Street Corp now owns 608,689 shares of the company’s stock worth $27,818,000 after buying an additional 12,117 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Independent Bank Corp. by 4.2% in the second quarter. Thrivent Financial for Lutherans now owns 12,620 shares of the company’s stock worth $577,000 after buying an additional 510 shares during the last quarter. Finally, Boston Financial Mangement LLC raised its position in shares of Independent Bank Corp. by 3.5% in the second quarter. Boston Financial Mangement LLC now owns 5,850 shares of the company’s stock worth $267,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.

Separately, Zacks Investment Research cut shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, December 21st. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Independent Bank Corp. presently has an average rating of “Hold” and a consensus price target of $52.25.

About Independent Bank Corp.

Independent Bank Corp. is a bank holding company. The Company is the sole stockholder of Rockland Trust Company (Rockland or the Bank). The Bank is a community-oriented commercial bank. The Company operates in community banking business segment. The Company’s community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

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