Independent Bank Corp (NASDAQ:INDB) Forecasted to Post FY2019 Earnings of $5.63 Per Share

Independent Bank Corp (NASDAQ:INDB) – Research analysts at DA Davidson lowered their FY2019 earnings per share estimates for shares of Independent Bank in a research note issued to investors on Thursday, December 5th. DA Davidson analyst D. Bishop now anticipates that the bank will earn $5.63 per share for the year, down from their previous estimate of $5.65. DA Davidson also issued estimates for Independent Bank’s Q4 2019 earnings at $1.40 EPS.

INDB has been the topic of a number of other research reports. ValuEngine upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub lowered Independent Bank from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. Gabelli initiated coverage on Independent Bank in a research report on Monday. They set a “hold” rating and a $98.00 price target on the stock. Finally, Zacks Investment Research raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $87.33.

Shares of INDB opened at $83.60 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.17. Independent Bank has a 1 year low of $62.33 and a 1 year high of $87.64. The stock has a market cap of $2.89 billion, a P/E ratio of 17.83 and a beta of 1.20. The stock’s 50-day moving average price is $83.83 and its two-hundred day moving average price is $75.49.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.09. Independent Bank had a return on equity of 12.60% and a net margin of 28.03%. The firm had revenue of $136.41 million for the quarter.

In other news, Director William M. Parent sold 22,500 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $80.00, for a total transaction of $1,800,000.00. Following the sale, the director now owns 25,557 shares of the company’s stock, valued at $2,044,560. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas R. Venables sold 7,795 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $84.16, for a total value of $656,027.20. In the last ninety days, insiders have sold 46,424 shares of company stock worth $3,807,930. 1.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in Independent Bank by 51.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 410 shares of the bank’s stock valued at $31,000 after buying an additional 139 shares during the last quarter. Jennison Associates LLC raised its position in Independent Bank by 2.1% in the 2nd quarter. Jennison Associates LLC now owns 9,442 shares of the bank’s stock valued at $719,000 after buying an additional 192 shares during the last quarter. Metropolitan Life Insurance Co NY raised its position in Independent Bank by 1.9% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 10,937 shares of the bank’s stock valued at $816,000 after buying an additional 207 shares during the last quarter. LS Investment Advisors LLC raised its position in Independent Bank by 10.7% in the 2nd quarter. LS Investment Advisors LLC now owns 2,182 shares of the bank’s stock valued at $166,000 after buying an additional 211 shares during the last quarter. Finally, Mason Street Advisors LLC raised its position in Independent Bank by 1.9% in the 3rd quarter. Mason Street Advisors LLC now owns 11,669 shares of the bank’s stock valued at $871,000 after buying an additional 216 shares during the last quarter. 78.57% of the stock is currently owned by institutional investors.

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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

Read More: Neutral Rating

Earnings History and Estimates for Independent Bank (NASDAQ:INDB)

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