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

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, September 30th will be paid a dividend of 0.57 per share by the bank on Friday, October 4th. This represents a $2.28 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Monday, September 30th.

Independent Bank has raised its dividend payment by an average of 6.1% annually over the last three years and has raised its dividend every year for the last 14 years. Independent Bank has a dividend payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $5.20 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 43.8%.

Independent Bank Stock Performance

NASDAQ INDB opened at $60.59 on Friday. The company has a fifty day moving average of $60.46 and a two-hundred day moving average of $53.74. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 1 year low of $44.63 and a 1 year high of $68.75. The company has a market capitalization of $2.57 billion, a PE ratio of 11.70 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. The firm had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the prior year, the firm earned $1.42 EPS. As a group, analysts expect that Independent Bank will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INDB. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.

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.