Today: The Independent Bank Corp. (INDB) Set to Announce Earnings on Monday

The Independent Bank Corp. (INDB) Set to Announce Earnings on Monday

Independent Bank Corp. (NASDAQ:INDB) is scheduled to be announcing its earnings results after the market closes on Monday, October 10th. Analysts expect the company to announce earnings of $0.76 per share for the quarter.

Independent Bank Corp. (NASDAQ:INDB) last released its earnings results on Thursday, July 21st. The company reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.03. Independent Bank Corp. had a net margin of 24.05% and a return on equity of 9.95%. On average, analysts expect Independent Bank Corp. to post $2.94 EPS for the current fiscal year and $3.09 EPS for the next fiscal year.

Independent Bank Corp. (NASDAQ:INDB) traded down 0.71% during trading on Friday, reaching $53.52. 30,699 shares of the company’s stock traded hands. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 18.30 and a beta of 1.04. The firm’s 50 day moving average is $53.05 and its 200-day moving average is $48.79. Independent Bank Corp. has a 12 month low of $39.58 and a 12 month high of $54.38.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Monday, September 26th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $1.16 dividend on an annualized basis and a yield of 2.15%. Independent Bank Corp.’s dividend payout ratio is currently 39.59%.

A number of equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Wednesday, July 27th. Compass Point downgraded shares of Independent Bank Corp. from a “neutral” rating to a “sell” rating and boosted their target price for the company from $48.00 to $49.00 in a research note on Tuesday, September 20th. Finally, Sandler O’Neill downgraded shares of Independent Bank Corp. from a “hold” rating to a “sell” rating and boosted their target price for the company from $50.00 to $51.00 in a research note on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Independent Bank Corp. currently has a consensus rating of “Hold” and an average target price of $50.50.

In related news, CFO Robert D. Cozzone sold 1,250 shares of Independent Bank Corp. stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $53.11, for a total value of $66,387.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maurice H. Sullivan, Jr. sold 5,000 shares of Independent Bank Corp. stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $50.78, for a total value of $253,900.00. Following the completion of the transaction, the director now directly owns 28,455 shares of the company’s stock, valued at $1,444,944.90. The disclosure for this sale can be found here. 3.02% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors boosted its position in Independent Bank Corp. by 3.0% in the second quarter. BlackRock Fund Advisors now owns 1,669,999 shares of the company’s stock worth $76,319,000 after buying an additional 48,476 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Independent Bank Corp. by 0.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 700,013 shares of the company’s stock valued at $31,991,000 after buying an additional 5,108 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in shares of Independent Bank Corp. by 5.2% in the second quarter. Champlain Investment Partners LLC now owns 634,540 shares of the company’s stock valued at $28,998,000 after buying an additional 31,645 shares in the last quarter. State Street Corp boosted its stake 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 valued at $27,818,000 after buying an additional 12,117 shares in the last quarter. Finally, BlackRock Investment Management LLC boosted its stake in shares of Independent Bank Corp. by 7.0% in the second quarter. BlackRock Investment Management LLC now owns 118,055 shares of the company’s stock valued at $5,395,000 after buying an additional 7,725 shares in the last quarter. 76.98% of the stock is owned by institutional investors and hedge funds.

About Independent Bank Corp.

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