Seaport Res Ptn Issues Optimistic Forecast for INDB Earnings

Independent Bank Corp. (NASDAQ:INDB) – Analysts at Seaport Res Ptn lifted their FY2024 EPS estimates for shares of Independent Bank in a report 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 previous forecast 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 $4.42 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.

Other research analysts also recently issued reports about the company. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Monday, October 21st. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Stock Performance

NASDAQ INDB opened at $61.85 on Thursday. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.45 and a beta of 0.74. The stock has a 50-day moving average of $60.66 and a 200 day moving average of $55.36. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank has a twelve month low of $45.11 and a twelve month high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. The business had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the prior year, the firm posted $1.38 earnings per share.

Independent Bank Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 3.69%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in shares of Independent Bank in the first quarter valued at about $1,169,000. BNP Paribas Financial Markets grew its stake in Independent Bank by 89.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock valued at $1,236,000 after acquiring an additional 11,244 shares in the last quarter. Edgestream Partners L.P. raised its holdings in Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock valued at $2,746,000 after acquiring an additional 43,391 shares during the last quarter. Virtu Financial LLC purchased a new position in Independent Bank in the 1st quarter worth approximately $461,000. Finally, ProShare Advisors LLC boosted its holdings in shares of Independent Bank by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 154,652 shares of the bank’s stock worth $8,045,000 after purchasing an additional 20,490 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.