Independent Bank (NASDAQ:INDB) Stock Price Up 5.5% After Earnings Beat

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) was up 5.5% during trading on Friday following a stronger than expected earnings report. The company traded as high as $67.80 and last traded at $67.44. Approximately 79,403 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 214,956 shares. The stock had previously closed at $63.92.

The bank reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%.

Independent Bank Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Raymond James raised Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price for the company in a report on Monday, October 21st. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a report on Friday. Finally, Keefe, Bruyette & Woods increased their price objective on Independent Bank from $77.00 to $82.00 and gave the company a "market perform" rating in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Independent Bank has a consensus rating of "Buy" and a consensus target price of $78.00.

Institutional Investors Weigh In On Independent Bank

Several institutional investors have recently made changes to their positions in the stock. Stablepoint Partners LLC lifted its position in shares of Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock worth $1,362,000 after acquiring an additional 283 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Independent Bank by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock worth $4,911,000 after buying an additional 285 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Independent Bank by 6.8% in the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock worth $383,000 after buying an additional 415 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Independent Bank by 2.3% in the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank's stock worth $1,905,000 after buying an additional 713 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Independent Bank by 9.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank's stock worth $557,000 after buying an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Stock Up 4.9 %

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.85 billion, a PE ratio of 14.57 and a beta of 0.78. The stock has a 50-day moving average of $68.49 and a 200-day moving average of $62.88.

About Independent Bank

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.