Independent Bank (NASDAQ:INDB) Trading 5.5% Higher After Earnings Beat

Independent Bank Corp. (NASDAQ:INDB) shares shot up 5.5% on Friday following a better than expected earnings announcement. The company traded as high as $67.80 and last traded at $67.44. 79,403 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 214,956 shares. The stock had previously closed at $63.92.

The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

Analysts Set New Price Targets

INDB has been the topic of several research analyst reports. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, December 12th. Finally, Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a report on Monday, October 21st. Two analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank has an average rating of “Buy” and an average target price of $78.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INDB. BNP Paribas Financial Markets increased its holdings in Independent Bank by 106.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after buying an additional 12,904 shares during the period. Centiva Capital LP bought a new stake in Independent Bank in the third quarter valued at about $535,000. JPMorgan Chase & Co. raised its position in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares in the last quarter. Eastern Bank raised its position in Independent Bank by 454.7% in the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after purchasing an additional 19,048 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Independent Bank by 11.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after purchasing an additional 28,373 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Up 4.9 %

The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 14.57 and a beta of 0.78. The business has a fifty day simple moving average of $68.49 and a two-hundred day simple moving average of $62.88. 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 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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.