Independent Bank Corp. (NASDAQ: INDB) has reported E.P.S. of $1.21 for its second fiscal quarter (ending June 30) versus $1.42 for the same period a year ago — a decline of -15%. However, this performance was $0.09 better than the consensus estimate of $1.12. E.P.S. were $4.97 for the latest four quarters through June 30 versus $6.04 for the same period a year ago — a decline of -18%.
Recent Price Action
On 7/18/24, Independent Bank Corp. (NASDAQ: INDB) stock declined by -2.4%, closing at $56.62. Moreover, unusually high trading volume at 156% of normal accompanied the decline. Relative to the market the stock has been weak over the last nine months but has risen 14.2% during the last week.
Current PriceTarget Research Rating
INDB is expected to continue to be a modest Value Builder reflecting capital returns that are forecasted to exceed the cost of capital.
Independent Bank has a current Value Trend Rating of C (High Neutral). The Value Trend Rating reflects contradictory signals from PTR’s two proprietary measures of a stock’s attractiveness. Independent Bank has a good Appreciation Score of 84 but a slightly negative Power Rating of 33, with the High Neutral Value Trend Rating the result.
Rating Review
In light of this new information we are reviewing our current Overall Rating of C. This review will be completed in the next several days.
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