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

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Monday, July 1st will be paid a dividend of 0.57 per share by the bank on Monday, July 8th. This represents a $2.28 annualized dividend and a dividend yield of 4.50%. The ex-dividend date is Monday, July 1st.

Independent Bank has raised its dividend payment by an average of 6.1% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Independent Bank has a payout ratio of 46.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $4.82 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 47.3%.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $50.72 on Friday. The firm’s 50 day moving average price is $50.21 and its 200-day moving average price is $53.95. Independent Bank has a twelve month low of $44.27 and a twelve month high of $68.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.15 billion, a PE ratio of 9.79 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. The firm had revenue of $167.38 million for the quarter, compared to the consensus estimate of $171.80 million. Equities research analysts expect that Independent Bank will post 4.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on INDB. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Monday, June 24th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd.

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.