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Independent Bank Corp. [INDB] earnings preview: what to expect from their December quarter

Independent Bank Corp. [NASDAQ: INDB] will report earnings after markets close on Friday, January 22nd.

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INDB Stock Earnings History

INDB Earnings Forecast For The Current Quarter

Independent Bank Corp. [INDB] is expected to report weak earnings results for the quarter ending in Dec 2020. Consensus estimates give the company expected revenues of $122.34M and earnings per share of $1.03 for Dec 2020. Looking further ahead, the company is expected to report revenue of $121.91M at an EPS of $0.95 for Mar 2021. The estimates represent a downside of -0.50% and -3.20% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.

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INDB Earnings Estimates For The Current Year

For the financial year, Independent Bank Corp. [NASDAQ: INDB] is expected to bring in revenue of $482.85M. The returns are nearly $-19.58 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for 2020, the estimate put it at 3.62, lower than that of FY19 by -$1.41. Estimates put this year’s earnings growth at -28.00%, -3.00% for the next, and at an annual 2.50% over the next 5-year period. As for sales, forecasts are for a decrease of -3.90% in the current fiscal year and a further -0.50% over the following year.

INDB Stock Earnings History

INDB Price Performance

On Wall Street, Independent Bank Corp. [NASDAQ: INDB] finished Wednesday’s session up 0.90% at $80.00. The stock went up to $80.20 at the same session while its lowest single-day price was $79.02. In the last five days, it saw a rise of about 0.28%, Independent Bank Corp. shares gained by almost 9.53% since the beginning of the year. However, the share price has dropped to as low as -2.21% below its one-year high. On 01/06/21, the company shares recorded $81.81, the highest single-day price it has got to in the last 52-weeks, and a 52-week low was seen on 01/04/21, the same year at $71.33. The company’s shares have inclined by 1.48% in the past year. The 50-day SMA achieved is $73.05 while the 200-day SMA is $65.57. Volume dropped to 0.12 million from 0.17 million in the previous session.

Independent Bank Corp. [INDB] Valuation Measures

Notably, Independent Bank Corp. [INDB] stock cannot be classified as a good candidate in the listing of underestimated low-priced Banks – Regional companies to purchase as soonest possible with the prevailing 12-month PE ratio of 20.14. The measure means the stock is exchanging at a premium as compared to the 12.10x trailing earnings of the industry. It can be helpful for investors to consider the historical price-sales ratio, more specifically, a 6.32 PS value ratio is reported for the last year of reported earnings. That is higher than the industry average of 2.51 which means INDB serves an unattractive investment opportunity compared to its competitors.

INDB Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing is perceived around 80.00 level, and in case of violation of this particular level, it will cause more drop to 79.28 level. On the upper level, 81.64 is still the key resistance. The stock may increase to the subsequent resistance at 80.92. The Relative Strength Index (RSI) pinned on the 14-day chart is 62.28, implying a neutral technical stance while the MACD stands at 2.16, meaning the price will increase in the next trading period. Percent R indicator moved to 16.67%, implying bullish price movement. Stochastic %K at 79.97% suggest holding the stock.

Is Independent Bank Corp. [NASDAQ: INDB] a Good Buy Right Now?

It should be noted that INDB technical indicators for short, intermediate as well as long term progress have placed an overall average of 88% as Buy. The average signal changed from 88% Buy in the last week and compares with 88% Buy in the past month. Data from Independent Bank Corp.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 0.12 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 0.13 million shares while the medium-term average advocated for 100% Buy. The average long-term signal stands at 50% Buy and the 100-day average volume stands at 0.15 million shares.

What is the short interest in Independent Bank Corp.?

Short interest in the Independent Bank Corp. stock has plunged, decreasing by 83760.0 shares to a total of 0.81 million shares on Dec 30, 2020. The interest had seen shares on Nov 29, 2020, stand at 0.72 million, data from Yahoo Finance shows. The increase of 10.37% suggests the stock saw some increased bearish sentiment. The stock’s days to cover moved to short ratio while the shorted shares account for just 3.34% of the overall float for the stock.

Independent Bank Corp.’s Biggest Shareholders: Who Owns Independent Bank Corp. [INDB]?

Filings by BlackRock Fund Advisors showed that the firm now holds a total of 4,433,813 shares or roughly 13.45% of the outstanding INDB shares. This means their shares have reduced by -24,383 from the 4,433,813 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, The Vanguard Group, Inc.’s updated stake is worth $233,838,363. Details in the latest 13F filings reveal that Silvercrest Asset Management Grou acquired their 0.21% stake valued at $117,510,988 while Champlain Investment Partners LLC added theirs at $90,406,575. During the last quarter, Silvercrest Asset Management Grou raised 3,344 of its shares in Independent Bank Corp. while Champlain Investment Partners LLC bought 14,575 shares. The Victory Capital Management, Inc.’s holdings currently number 1,198,983 shares at $95918640.0. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 1,172,739 shares, roughly $85,656,857.

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What are analyst thoughts on Independent Bank Corp.?

Looking forward to the Independent Bank Corp. share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Independent Bank Corp. stock at $74.00 within the next 12 months, which represents almost -8.11 percent growth from its previous closing price of $80.00. The highest analysts’ target for Independent Bank Corp. stock projections is $88.00 and the lowest one is $63.00. Still, 5 analysts sharing their consensus rating for INDB stock in 2021 agree that it is Overweight.

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