Independent Bank (NASDAQ:INDB) reports results
Independent Bank Inc (NASDAQ:INDB – Get Rating) announced its results on Thursday. The bank reported earnings per share (EPS) of $1.23 for the quarter, missing analyst consensus estimates of $1.26 per ($0.03), MarketWatch Earnings reports. Independent Bank posted a net margin of 23.22% and a return on equity of 9.12%. During the same period a year earlier, the company posted EPS of $1.26.
NASDAQ INDB shares traded at $1.82 during Friday trading, hitting $78.41. 2,011 shares of the company have been traded, with an average volume of 193,357. The company has a 50-day moving average price of $82.77 and a 200-day moving average price of $83.36. The company has a market capitalization of $3.72 billion, a P/E ratio of 21.98 and a beta of 0.88. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt ratio of 0.05. Independent Bank has a 1-year low of $68.14 and a 1-year high of $93.52.
The company also recently declared a quarterly dividend, which was paid on Friday, April 8. Investors of record on Monday, March 28 received a dividend of $0.51 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, March 25. This represents an annualized dividend of $2.04 and a yield of 2.60%. Independent Bank’s dividend payout ratio is 55.89%.
Separately, CEO Christopher Oddleifson sold 1,050 shares of the company in a trade dated Thursday, February 24. The stock was sold at an average price of $80.50, for a total value of $84,525.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. In addition, President Gerard F. Nadeau sold 1,500 shares of Banque Indépendante in a transaction that took place on Tuesday, March 15. The stock was sold at an average price of $84.94, for a total value of $127,410.00. The disclosure of this sale can be found here. Insiders sold 3,450 shares of the company worth $289,425 in the past 90 days. 1.02% of the shares are currently held by insiders.
Hedge funds have recently increased or reduced their stakes in the company. Amalgamated Bank increased its position in Independent Bank shares by 39.7% during the fourth quarter. The merged bank now owns 22,065 shares of the bank valued at $1,799,000 after purchasing an additional 6,272 shares in the last quarter. MetLife Investment Management LLC increased its holdings of Independent Bank shares by 39.4% in the fourth quarter. MetLife Investment Management LLC now owns 15,765 shares of the bank worth $1,285,000 after buying 4,453 additional shares in the last quarter. Stifel Financial Corp increased its position in Independent Bank by 73.6% in the 4th quarter. Stifel Financial Corp now owns 13,145 shares of the bank valued at $1,072,000 after purchasing an additional 5,571 shares during the period. Metropolitan Life Insurance Co NY increased its stake in Independent Bank by 34.2% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,582 shares of the bank worth $944,000 after buying 2,952 additional shares in the last quarter. Finally, Colony Group LLC acquired a new stake in Independent Bank in the fourth quarter at a value of $663,000. Hedge funds and other institutional investors own 99.27% of the company’s shares.
Several analysts have recently released reports on the stock. Zacks Investment Research moved shares of Independent Bank from a “buy” rating to a “hold” rating in a research report on Tuesday, March 29. StockNews.com began covering Independent Bank stocks in a research note on Thursday, March 31. They set a “holding” rating for the company.
Profile of the independent bank (Get a rating)
Independent Bank Corp. operates as a bank holding company for Rockland Trust Company which provides commercial banking products and services to individuals and small and medium businesses primarily in Massachusetts. The company accepts interest checking, money market and savings accounts, as well as demand deposits and term deposit certificates.
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