Independent Bank Corp. (NASDAQ:INDB) to Issue $0.64 Quarterly Dividend

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, September 17th. Shareholders of record on Monday, September 28th will be given a dividend of 0.64 per share by the bank on Friday, October 9th. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Monday, September 28th.

Independent Bank has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 15 years. Independent Bank has a payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $8.38 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 30.5%.

Independent Bank Stock Performance

Shares of INDB opened at $82.42 on Friday. The firm has a 50-day moving average of $83.97 and a 200-day moving average of $80.66. The company has a market cap of $3.90 billion, a PE ratio of 14.88 and a beta of 0.76. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. Independent Bank has a one year low of $63.33 and a one year high of $87.50.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The company had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. As a group, equities analysts forecast that Independent Bank will post 7.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on INDB. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Piper Sandler raised their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Independent Bank has a consensus rating of “Moderate Buy” and a consensus price target of $91.86.

About Independent Bank

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.