Seaport Res Ptn Expects Higher Earnings for Independent Bank

Independent Bank Corp. (NASDAQ:INDB) – Investment analysts at Seaport Res Ptn upped their FY2024 earnings estimates for shares of Independent Bank in a research note issued on Monday, October 21st. Seaport Res Ptn analyst L. Hunsicker now anticipates that the bank will post earnings of $4.50 per share for the year, up from their prior estimate 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.

A number of other brokerages also recently issued reports on INDB. Keefe, Bruyette & Woods boosted their price target on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report on Monday. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a report 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Price Performance

INDB opened at $62.80 on Thursday. 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 firm has a market cap of $2.67 billion, a price-to-earnings ratio of 12.12 and a beta of 0.74. The stock’s 50 day simple moving average is $60.62 and its 200 day simple moving average is $55.28.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter in the prior year, the company earned $1.38 EPS.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Institutional Trading of Independent Bank

Large investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new stake in shares of Independent Bank during the 1st quarter worth approximately $47,000. Innealta Capital LLC acquired a new stake in Independent Bank during the 2nd quarter valued at approximately $73,000. Profund Advisors LLC purchased a new stake in shares of Independent Bank in the second quarter worth about $229,000. SG Americas Securities LLC boosted its holdings in Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after buying an additional 2,687 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Independent Bank by 29.7% during the second 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 in the last quarter. Institutional investors own 83.40% of the company’s stock.

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.