Independent Bank Corp. (NASDAQ:INDB) to Issue Dividend Increase – $0.59 Per Share

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 given 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%. 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% annually 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% indicating that 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 NASDAQ INDB traded down $0.97 during trading on Thursday, reaching $63.07. 351,379 shares of the company traded hands, compared to its average volume of 246,571. The stock has a market cap of $2.69 billion, a P/E ratio of 13.95 and a beta of 0.77. The firm’s fifty day simple moving average is $66.27 and its 200 day simple moving average is $65.52. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results 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%. As a group, research analysts anticipate that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, March 15th. Finally, 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.

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.