Independent Bank Corp. (INDB) to Issue Quarterly Dividend of $0.59 on April 7th

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, March 20th, RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.59 per share by the bank on Monday, April 7th. This represents a $2.36 annualized dividend and a yield of 3.74%. The ex-dividend date is Monday, March 31st. This is a 3.5% increase from Independent Bank’s previous quarterly dividend of $0.57.

Independent Bank has raised its dividend payment by an average of 5.9% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Independent Bank has a dividend payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $6.70 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 34.0%.

Independent Bank Stock Performance

Shares of INDB stock opened at $63.07 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The stock has a 50 day moving average price of $66.34 and a two-hundred day moving average price of $65.51. The company has a market capitalization of $2.69 billion, a P/E ratio of 13.95 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Analysts expect that Independent Bank will post 5.41 earnings per share for the current year.

Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INDB. Raymond James reissued a “strong-buy” rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. Finally, StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, March 15th.

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.