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.
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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