Independent Bank Corp. (INDB) to Distribute Quarterly Dividend of $0.64 on July 9th

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, June 18th. Shareholders of record on Monday, June 29th will be paid a dividend of 0.64 per share by the bank on Thursday, July 9th. This represents a c) annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, June 29th.

Independent Bank has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 15 consecutive years. Independent Bank has a payout ratio of 37.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $8.33 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 30.7%.

Independent Bank Stock Up 0.1%

Shares of NASDAQ INDB opened at $85.19 on Friday. Independent Bank has a one year low of $61.19 and a one year high of $87.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The business’s fifty day moving average price is $79.34 and its 200-day moving average price is $78.42. The stock has a market capitalization of $4.12 billion, a PE ratio of 16.90 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. During the same quarter in the previous year, the company posted $1.06 EPS. On average, equities research analysts anticipate that Independent Bank will post 7.33 EPS for the current year.

Insider Buying and Selling

In related news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Salomon & Ludwin LLC increased its holdings in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares during the period. Ballast Advisors LLC purchased a new stake in shares of Independent Bank in the first quarter worth $30,000. Advisory Services Network LLC bought a new stake in Independent Bank during the third quarter valued at $32,000. EverSource Wealth Advisors LLC boosted its stake in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the period. Finally, Danske Bank A S purchased a new position in Independent Bank during the third quarter worth about $42,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.