Brokerages Anticipate Independent Bank Corp (INDB) to Announce $1.03 Earnings Per Share
Equities analysts forecast that Independent Bank Corp (NASDAQ:INDB) will post earnings per share of $1.03 for the current fiscal quarter, Zacks reports. Zero analysts have provided estimates for Independent Bank’s earnings. Independent Bank posted earnings of $0.78 per share in the same quarter last year, which would suggest a positive year over year growth rate of 32.1%. The business is expected to issue its next earnings results on Thursday, April 19th.
According to Zacks, analysts expect that Independent Bank will report full-year earnings of $4.38 per share for the current financial year. For the next fiscal year, analysts forecast that the firm will post earnings of $4.75 per share. Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Independent Bank.
Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 18th. The bank reported $0.89 earnings per share for the quarter, meeting the consensus estimate of $0.89. The company had revenue of $89.70 million during the quarter, compared to the consensus estimate of $88.31 million. Independent Bank had a return on equity of 10.00% and a net margin of 24.21%. The company’s revenue was up 17.2% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share.
In related news, insider Christopher Oddleifson sold 1,200 shares of Independent Bank stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $72.60, for a total value of $87,120.00. Following the completion of the transaction, the insider now directly owns 86,643 shares in the company, valued at $6,290,281.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 601 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $72.05, for a total transaction of $43,302.05. The disclosure for this sale can be found here. Insiders sold 3,501 shares of company stock valued at $249,087 over the last quarter. Insiders own 2.67% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank lifted its holdings in Independent Bank by 3.6% in the second quarter. Amalgamated Bank now owns 3,640 shares of the bank’s stock worth $243,000 after acquiring an additional 126 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Independent Bank by 6.3% in the fourth quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the bank’s stock worth $824,000 after acquiring an additional 700 shares during the last quarter. Legal & General Group Plc lifted its holdings in Independent Bank by 1.7% in the third quarter. Legal & General Group Plc now owns 53,459 shares of the bank’s stock worth $3,992,000 after acquiring an additional 882 shares during the last quarter. Voya Investment Management LLC lifted its holdings in Independent Bank by 8.7% in the second quarter. Voya Investment Management LLC now owns 12,222 shares of the bank’s stock worth $815,000 after acquiring an additional 981 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in Independent Bank by 5.8% in the third quarter. American International Group Inc. now owns 21,217 shares of the bank’s stock worth $1,584,000 after acquiring an additional 1,170 shares during the last quarter. 79.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Independent Bank (NASDAQ:INDB) opened at $69.40 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $1,904.55, a PE ratio of 20.66 and a beta of 0.91. Independent Bank has a 52 week low of $58.30 and a 52 week high of $76.30.
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About Independent Bank
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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