Seaport Res Ptn Expects Weaker Earnings for Independent Bank

Independent Bank Corp. (NASDAQ:INDB) – Equities researchers at Seaport Res Ptn cut their FY2024 EPS estimates for shares of Independent Bank in a research note issued to investors on Monday, December 9th. Seaport Res Ptn analyst L. Hunsicker now forecasts that the bank will earn $4.49 per share for the year, down from their previous 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.

Several other research analysts have also commented on INDB. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective 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 note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods increased their price target on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

Independent Bank Stock Up 0.3 %

Shares of Independent Bank stock opened at $71.60 on Thursday. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 15.57 and a beta of 0.76. The firm’s 50-day moving average is $67.35 and its two-hundred day moving average is $59.90. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 1 year low of $45.11 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The company had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period in the previous year, the business earned $1.38 earnings per share.

Institutional Trading of Independent Bank

Several hedge funds have recently made changes to their positions in INDB. Victory Capital Management Inc. increased its stake in Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after buying an additional 342,201 shares during the period. Millennium Management LLC boosted its position in shares of Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after acquiring an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after acquiring an additional 186,680 shares in the last quarter. Verition Fund Management LLC lifted its stake in Independent Bank by 1,697.7% during the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock worth $7,831,000 after purchasing an additional 125,068 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in shares of Independent Bank in the 2nd quarter valued at $5,405,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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 dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.18%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

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.