Independent Bank Corp. (NASDAQ:INDB) Plans Quarterly Dividend of $0.48

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Saturday, September 18th, reports. Investors of record on Monday, September 27th will be paid a dividend of 0.48 per share by the bank on Friday, October 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Friday, September 24th.

Independent Bank has increased its dividend by 43.8% over the last three years.

Shares of NASDAQ:INDB opened at $71.53 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a fifty day moving average price of $73.25 and a 200 day moving average price of $79.07. Independent Bank has a fifty-two week low of $49.25 and a fifty-two week high of $99.85. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 15.86 and a beta of 0.97.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, July 21st. The bank reported $1.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.09. Independent Bank had a net margin of 29.87% and a return on equity of 8.79%. The firm had revenue of $118.32 million during the quarter, compared to analyst estimates of $118.43 million. As a group, research analysts predict that Independent Bank will post 4.5 earnings per share for the current year.

Separately, Zacks Investment Research lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 28th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $85.75.

In other Independent Bank news, Director Eileen C. Miskell sold 2,645 shares of the stock in a transaction on Friday, August 6th. The shares were sold at an average price of $72.79, for a total transaction of $192,529.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by company insiders.

Independent Bank Company Profile

Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts and time certificates of deposit.

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Dividend History for Independent Bank (NASDAQ:INDB)

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