5. Independent Bank Corp.
Shares of Independent Bank Corp. (INDB) of Rockland, Mass., closed at $28.97 Monday, rising 6% year-to-date. Based on a 19-cent quarterly payout, the shares have a dividend yield of 2.62%.
Independent Bank Corp. had $5.0 billion in total assets as of Dec. 30, operating 67 Rockland Trust Co. offices in Eastern Massachusetts, as well as a network of loan production offices and investment management offices in Massachusetts and Rhode Island.The company reported fourth-quarter earnings of $11.2 million, or 52 cents a share, declining from $12.0 million, or 56 cents, the previous quarter, and $11.8 million, or $56 cents a share, a year earlier. The fourth-quarter results included a $757,000 prepayment penalty "that resulted in a $0.02 per share charge arising from the Company's use of excess cash to pay down borrowings." Independent Bank Corp.'s net revenue -- tax-adjusted net interest income, plus noninterest income, less noninterest expense, excluding provisions for loan losses -- totaled $19.6 million, increasing 3% from the third quarter, but just 1% from a year earlier. The company's return on average assets (ROA) has ranged from 0.92% to 1.3% over the past five quarters. Guggenheim Securities analyst David Darst has a neutral rating on Independent Bank Corp., and while he lowered his 2012 earnings estimate for the company by four cents to $2.13 and his 2013 estimate by a dime to $2.25 on Jan. 23, the analyst raised his price target for the shares to $28, "which represents 13x 2012E EPS and approximates INDB's 5-year median P/E." The shares trade for 1.9 times tangible book value, according to HighlineFI, and for 14 times the consensus 2012 earnings estimate of $2.12 a share, among analysts polled by Thomson Reuters. The shares rose 1% on Wednesday, to close at $29.27. Interested in more on Independent Bank Corp.? See TheStreet Ratings' report card for this stock.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV