Independent Bank Corp. (NASDAQ:INDB - Free Report) - Equities research analysts at Seaport Res Ptn raised their FY2024 earnings estimates for shares of Independent Bank in a research report issued on Monday, October 21st. Seaport Res Ptn analyst L. Hunsicker now forecasts that the bank will earn $4.50 per share for the year, up from their prior forecast of $4.24. Seaport Res Ptn currently has a "Strong-Buy" rating on the stock. The consensus estimate for Independent Bank's current full-year earnings is $4.49 per share. Seaport Res Ptn also issued estimates for Independent Bank's Q4 2024 earnings at $1.16 EPS, Q1 2025 earnings at $1.22 EPS and Q2 2025 earnings at $1.29 EPS.
Several other brokerages have also recently commented on INDB. Keefe, Bruyette & Woods boosted their target price on shares of Independent Bank from $62.00 to $65.00 and gave the company a "market perform" rating in a research report on Monday. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Finally, Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price for the company in a research note on Monday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $69.50.
Check Out Our Latest Stock Report on Independent Bank
Independent Bank Price Performance
INDB stock traded up $0.06 during midday trading on Thursday, reaching $62.80. The company had a trading volume of 354,415 shares, compared to its average volume of 282,666. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 12.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 1-year low of $44.63 and a 1-year high of $68.75. The stock has a 50 day moving average price of $60.55 and a 200-day moving average price of $55.22.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to analysts' expectations of $173.24 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the previous year, the firm earned $1.38 EPS.
Institutional Trading of Independent Bank
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank's stock worth $347,015,000 after acquiring an additional 69,312 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank's stock valued at $109,443,000 after purchasing an additional 186,680 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank's stock worth $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Rockland Trust Co. increased its stake in shares of Independent Bank by 14.3% in the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank's stock valued at $37,405,000 after buying an additional 92,438 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in Independent Bank by 2.1% in the 1st quarter. Clearbridge Investments LLC now owns 310,381 shares of the bank's stock valued at $16,146,000 after buying an additional 6,476 shares during the last quarter. Institutional investors own 83.40% of the company's stock.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank's payout ratio is 44.02%.
About Independent Bank
(
Get Free Report)
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.
See Also
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
