Independent Bank Corp. (NASDAQ:INDB) Plans $0.57 Quarterly Dividend

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 3.90%. The ex-dividend date is Monday, September 30th.

Independent Bank has raised its dividend by an average of 6.1% per year over the last three years and has increased its dividend every year for the last 14 years. Independent Bank has a payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 INDB stock opened at $58.44 on Friday. The firm has a market capitalization of $2.48 billion, a PE ratio of 11.28 and a beta of 0.75. The company has a 50 day moving average price of $60.72 and a 200-day moving average price of $54.00. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. The firm had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same quarter in the prior year, the business earned $1.42 EPS. As a group, equities research analysts expect that Independent Bank will post 4.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on INDB shares. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.

Independent Bank Company Profile

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.