Independent Bank (INDB) Issues Earnings Results
Independent Bank (NASDAQ:INDB) released its earnings results on Thursday. The bank reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.06), Fidelity Earnings reports. The firm had revenue of $99.50 million for the quarter, compared to the consensus estimate of $99.40 million. Independent Bank had a return on equity of 11.27% and a net margin of 27.38%.
Shares of INDB traded up $0.64 during trading hours on Friday, reaching $81.85. 1,746 shares of the company traded hands, compared to its average volume of 156,474. The firm has a market capitalization of $2.21 billion, a P/E ratio of 24.39 and a beta of 0.95. Independent Bank has a 12-month low of $66.85 and a 12-month high of $95.00. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16.
The business also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Monday, October 1st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Friday, September 28th. Independent Bank’s dividend payout ratio is currently 45.37%.
In other news, Director Carl Ribeiro sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $90.10, for a total transaction of $90,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.67% of the stock is currently owned by insiders.
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. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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