Seaport Res Ptn Has Negative Outlook of INDB FY2024 Earnings

Independent Bank Corp. (NASDAQ:INDB - Free Report) - Analysts at Seaport Res Ptn decreased their FY2024 earnings estimates for shares of Independent Bank in a report issued on Monday, December 9th. Seaport Res Ptn analyst L. Hunsicker now expects that the bank will earn $4.49 per share for the year, down from their previous estimate of $4.50. The consensus estimate for Independent Bank's current full-year earnings is $4.50 per share. Seaport Res Ptn also issued estimates for Independent Bank's Q4 2024 earnings at $1.15 EPS, Q1 2026 earnings at $1.66 EPS, Q2 2026 earnings at $1.77 EPS, Q3 2026 earnings at $1.83 EPS and FY2026 earnings at $7.14 EPS.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the stock a "market perform" rating in a research report on Thursday. Finally, Raymond James raised shares of 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $78.00.

Independent Bank Stock Performance

INDB traded up $0.21 during trading on Thursday, hitting $71.60. 215,776 shares of the stock were exchanged, compared to its average volume of 280,149. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a fifty day moving average price of $67.35 and a two-hundred day moving average price of $59.90. The firm has a market capitalization of $3.04 billion, a P/E ratio of 15.57 and a beta of 0.76.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same quarter last year, the company posted $1.38 earnings per share.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.18%. Independent Bank's dividend payout ratio (DPR) is 49.57%.

Hedge Funds Weigh In On Independent Bank

Several institutional investors have recently bought and sold shares of INDB. Innealta Capital LLC acquired a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Independent Bank in the third quarter worth $222,000. Profund Advisors LLC acquired a new stake in Independent Bank in the second quarter valued at $229,000. Los Angeles Capital Management LLC purchased a new stake in shares of Independent Bank during the 3rd quarter worth $257,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank's stock worth $273,000 after purchasing an additional 1,231 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

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.