FY2024 Earnings Forecast for INDB Issued By Seaport Res Ptn

Independent Bank Corp. (NASDAQ:INDB) – Seaport Res Ptn decreased their FY2024 earnings per share (EPS) estimates for shares of Independent Bank in a research report issued to clients and investors on Monday, December 9th. Seaport Res Ptn analyst L. Hunsicker now anticipates that the bank will earn $4.49 per share for the year, down from their prior forecast 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.

INDB has been the topic of a number of other research reports. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Keefe, Bruyette & Woods upped their price target 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 upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.00.

Independent Bank Stock Performance

INDB opened at $70.80 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. The business’s 50-day simple moving average is $67.35 and its 200 day simple moving average is $59.90. The firm has a market capitalization of $3.01 billion, a PE ratio of 15.39 and a beta of 0.76. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business 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 posted $1.38 earnings per share.

Independent Bank Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new stake in Independent Bank during the second quarter worth approximately $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independent Bank during the third quarter worth approximately $222,000. Los Angeles Capital Management LLC acquired a new stake in shares of Independent Bank during the third quarter worth $257,000. Profund Advisors LLC acquired a new stake in Independent Bank in the 2nd quarter worth about $229,000. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after buying an additional 1,231 shares in the last quarter. Institutional investors and hedge funds 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.