Independent Bank Corp (INDB) Plans Quarterly Dividend of $0.44

Independent Bank Corp (NASDAQ:INDB) declared a quarterly dividend on Thursday, March 14th, Wall Street Journal reports. Shareholders of record on Monday, March 25th will be given a dividend of 0.44 per share by the bank on Friday, April 5th. This represents a $1.76 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Friday, March 22nd. This is a boost from Independent Bank’s previous quarterly dividend of $0.38.

Independent Bank has raised its dividend payment by an average of 12.7% per year over the last three years and has raised its dividend every year for the last 8 years. Independent Bank has a payout ratio of 32.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $5.88 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 25.9%.

Shares of Independent Bank stock traded down $0.10 during trading hours on Thursday, hitting $81.40. The company’s stock had a trading volume of 55,214 shares, compared to its average volume of 100,017. Independent Bank has a twelve month low of $66.12 and a twelve month high of $95.00. The firm has a market cap of $1.93 billion, a PE ratio of 17.36 and a beta of 1.08. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.24.



Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 17th. The bank reported $1.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.30 by ($0.01). Independent Bank had a net margin of 29.50% and a return on equity of 12.96%. The business had revenue of $103.78 million during the quarter, compared to analyst estimates of $103.00 million. As a group, equities analysts expect that Independent Bank will post 5.58 earnings per share for the current year.

Several equities analysts have recently commented on the company. Zacks Investment Research lowered Independent Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, December 25th. BidaskClub raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Finally, Compass Point lowered Independent Bank from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 8th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $85.67.

In other Independent Bank news, President Gerard F. Nadeau sold 2,500 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $81.69, for a total transaction of $204,225.00. Following the sale, the president now owns 19,227 shares in the company, valued at approximately $1,570,653.63. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher Oddleifson sold 1,500 shares of the company’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $77.99, for a total value of $116,985.00. Following the sale, the chief executive officer now owns 88,617 shares in the company, valued at approximately $6,911,239.83. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,256 shares of company stock worth $824,839. 4.66% of the stock is owned by corporate insiders.

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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 primarily in Massachusetts. The company's products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.

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Dividend History for Independent Bank (NASDAQ:INDB)

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