Seaport Res Ptn Equities Analysts Cut Earnings Estimates for Independent Bank Corp. (NASDAQ:INDB)

Independent Bank Corp. (NASDAQ:INDB) – Analysts at Seaport Res Ptn lowered their Q2 2024 earnings per share (EPS) estimates for shares of Independent Bank in a note issued to investors on Wednesday, May 1st. Seaport Res Ptn analyst L. Hunsicker now anticipates that the bank will earn $1.07 per share for the quarter, down from their previous estimate of $1.13. The consensus estimate for Independent Bank’s current full-year earnings is $4.46 per share. Seaport Res Ptn also issued estimates for Independent Bank’s Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.03 EPS, FY2024 earnings at $4.26 EPS and Q1 2025 earnings at $1.06 EPS.

INDB has been the subject of several other reports. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd.

Independent Bank Price Performance

NASDAQ:INDB opened at $51.92 on Thursday. The stock has a 50 day moving average price of $50.65 and a 200 day moving average price of $55.06. The stock has a market cap of $2.20 billion, a PE ratio of 10.02 and a beta of 0.84. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank has a one year low of $43.28 and a one year high of $68.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. Sachetta LLC purchased a new stake in Independent Bank during the 4th quarter worth about $56,000. Covestor Ltd raised its stake in Independent Bank by 13.5% during the 3rd quarter. Covestor Ltd now owns 2,598 shares of the bank’s stock worth $128,000 after acquiring an additional 310 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in Independent Bank in the fourth quarter valued at $217,000. TFO Wealth Partners LLC grew its holdings in shares of Independent Bank by 215,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after purchasing an additional 4,302 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Independent Bank during the fourth quarter worth about $290,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the sale, the director now directly owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.87% of the company’s stock.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were given a dividend of $0.57 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a dividend yield of 4.39%. The ex-dividend date was Thursday, March 28th. Independent Bank’s dividend payout ratio (DPR) is currently 44.02%.

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.