Independent Bank Corp. (NASDAQ:INDB) to Issue Quarterly Dividend of $0.57

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.57 per share by the bank on Friday, October 4th. This represents a $2.28 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Monday, September 30th.

Independent Bank has raised its dividend payment by an average of 6.1% annually over the last three years and has increased its dividend every year for the last 14 years. Independent Bank has a dividend payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $5.20 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 43.8%.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $60.59 on Friday. The business has a 50-day moving average price of $60.46 and a two-hundred day moving average price of $53.74. Independent Bank has a 1-year low of $44.63 and a 1-year high of $68.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.57 billion, a P/E ratio of 11.70 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. During the same quarter last year, the firm posted $1.42 earnings per share. As a group, analysts anticipate that Independent Bank will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

INDB has been the subject of a number of research reports. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday.

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.