Seaport Res Ptn Projects Positive Earnings Outlook for Independent Bank Corp.

On December 9th, 2024, Seaport Res Ptn analysts updated their earnings estimates for Independent Bank Corp. (NASDAQ: INDB). They predict that the bank will report earnings per share (EPS) of $1.24 for the first quarter of 2025, an increase from their earlier estimate of $1.22. The consensus estimate for the bank's total earnings for the current year stands at $4.50 per share. The analysts also projected Q2 2025 EPS to reach $1.31, Q3 2025 EPS at $1.35, and Q4 2025 EPS at $1.54, leading to an estimated annual earnings figure of $5.44 for FY2025.

Other financial institutions have recently provided their assessments as well. For instance, StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating on September 17th. On the other hand, Raymond James upgraded the stock from a "market perform" rating to a "strong-buy" rating, setting a target price of $74.00 as of October 21st. Further, Keefe, Bruyette & Woods raised their price target from $77.00 to $82.00, maintaining a "market perform" rating. In total, one analyst has a sell rating, one a hold rating, and two analysts have issued strong buy ratings, leading to an average stock rating of "Moderate Buy" and an average price target of $78.00 according to MarketBeat.

Current Stock Performance

As of Wednesday, Independent Bank's stock opened at $71.60. The bank's 50-day simple moving average is $67.35, while the 200-day average is $59.90. Over the past year, the stock has fluctuated between a low of $45.11 and a high of $77.23, and the bank currently holds a market capitalization of $3.04 billion. With a price-to-earnings (P/E) ratio of 15.57 and a beta of 0.76, Independent Bank shows moderate stability. Its debt-to-equity ratio is 0.22, and both the quick ratio and current ratio stand at 0.95.

Independent Bank's latest earnings report, released on October 17th, showed an EPS of $1.01 for the last quarter, outperforming the consensus estimate of $0.99 by $0.02. The bank reported a net margin of 20.26% and a return on equity of 6.74%. Revenue for the quarter was tallied at $250.07 million, significantly higher than the anticipated $173.24 million. This quarter's earnings represent a decline from the $1.38 EPS reported during the same quarter in the previous year.

Dividend Information

Recently, Independent Bank declared a quarterly dividend, which was distributed to shareholders on October 4th. Shareholders who were on record as of September 30th received a dividend of $0.57. This reflects an annualized dividend of $2.28, offering a yield of 3.18%. The current dividend payout ratio for Independent Bank is 49.57%.

Institutional Investor Activity

Recent moves by hedge funds indicate growing interest in Independent Bank. Dimensional Fund Advisors LP increased its stake by 9.5% during the second quarter, now holding 2,157,917 shares valued at approximately $109.44 million. Victory Capital Management Inc. added to its holdings by 25.2% in the same quarter and now possesses 1,701,156 shares worth around $86.28 million. Other firms, including Geode Capital Management and Rockland Trust Co., have also adjusted their shareholdings, indicating that institutional investors collectively own 83.40% of the stock.

Company Overview

Independent Bank Corp. functions as the holding company for Rockland Trust Company, which offers a range of commercial banking services to individuals and small-to-medium-sized enterprises across the United States. Services include interest checking accounts, savings accounts, and various deposit products.

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