Independent Bank (NASDAQ:INDB) Issues Quarterly Earnings Results

Independent Bank (NASDAQ:INDB) posted its quarterly earnings results on Thursday. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.05, Zacks reports. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%.

Independent Bank Stock Performance

NASDAQ:INDB opened at $67.04 on Friday. The firm has a market capitalization of $2.85 billion, a PE ratio of 14.57 and a beta of 0.78. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The firm has a 50-day moving average price of $68.49 and a 200 day moving average price of $62.88.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.40%. Independent Bank’s payout ratio is 49.57%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INDB. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research report on Thursday, December 12th. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research note on Monday, October 21st. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $78.00.

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.