Independent Bank Corp. (NASDAQ:INDB) – Seaport Global Securities boosted their Q2 2021 earnings estimates for shares of Independent Bank in a research report issued to clients and investors on Monday, April 26th. Seaport Global Securities analyst D. Bishop now forecasts that the bank will post earnings per share of $1.05 for the quarter, up from their previous forecast of $0.92. Seaport Global Securities currently has a “Buy” rating and a $94.00 target price on the stock. Seaport Global Securities also issued estimates for Independent Bank’s Q3 2021 earnings at $1.01 EPS and Q4 2021 earnings at $1.05 EPS. Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Wednesday, April 21st. The bank reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.17. Independent Bank had a return on equity of 7.97% and a net margin of 24.99%.
Other equities analysts have also recently issued reports about the company. Piper Sandler raised Independent Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $86.00 to $90.00 in a report on Friday. Zacks Investment Research cut shares of Independent Bank from a “buy” rating to a “hold” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Independent Bank presently has an average rating of “Buy” and an average target price of $85.00.
NASDAQ INDB opened at $83.07 on Tuesday. The business’s fifty day moving average is $86.71 and its two-hundred day moving average is $75.82. Independent Bank has a 1 year low of $49.25 and a 1 year high of $99.85. The stock has a market capitalization of $2.74 billion, a P/E ratio of 20.87 and a beta of 1.01. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.97 and a current ratio of 0.98.
The company also recently announced a quarterly dividend, which was paid on Friday, April 9th. Investors of record on Monday, March 29th were given a $0.48 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a yield of 2.31%. The ex-dividend date was Friday, March 26th. Independent Bank’s dividend payout ratio (DPR) is 34.16%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its position in shares of Independent Bank by 13.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,360,688 shares of the bank’s stock valued at $99,385,000 after purchasing an additional 161,705 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Independent Bank in the third quarter worth $304,000. Cambridge Investment Research Advisors Inc. purchased a new position in Independent Bank in the 4th quarter worth approximately $202,000. Baystate Wealth Management LLC increased its holdings in shares of Independent Bank by 44.8% in the 4th quarter. Baystate Wealth Management LLC now owns 1,438 shares of the bank’s stock worth $105,000 after purchasing an additional 445 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its holdings in shares of Independent Bank by 34.7% during the 4th quarter. Aptus Capital Advisors LLC now owns 9,503 shares of the bank’s stock valued at $694,000 after acquiring an additional 2,447 shares during the last quarter. Hedge funds and other institutional investors own 80.44% of the company’s stock.
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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