Seaport Res Ptn Cuts Earnings Estimates for Independent Bank

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

A number of other equities analysts also recently issued reports on INDB. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Thursday. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research note on Monday, October 21st. Finally, StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.00.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $70.80 on Thursday. The firm has a market cap of $3.01 billion, a PE ratio of 15.39 and a beta of 0.76. Independent Bank has a 52 week low of $45.11 and a 52 week high of $77.23. The firm’s fifty day moving average is $67.35 and its 200-day moving average is $59.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95.

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

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.22%. Independent Bank’s dividend payout ratio is currently 49.57%.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently modified their holdings of the company. Innealta Capital LLC purchased a new stake in Independent Bank during the second quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank during the third quarter worth about $222,000. Profund Advisors LLC purchased a new position in Independent Bank in the 2nd quarter valued at approximately $229,000. Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank in the third quarter valued at $257,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after purchasing an additional 1,231 shares during the period. Institutional investors own 83.40% of the company’s stock.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.