Independent Bank Corp. (INDB) to Issue Quarterly Dividend of $0.57 on July 8th

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Shareholders of record on Monday, July 1st will be given a dividend of 0.57 per share by the bank on Monday, July 8th. This represents a $2.28 annualized dividend and a yield of 4.50%. The ex-dividend date is Monday, July 1st.

Independent Bank has raised its dividend payment by an average of 6.1% annually over the last three years and has increased its dividend every year for the last 14 years. Independent Bank has a dividend payout ratio of 46.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $4.82 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 47.3%.

Independent Bank Price Performance

INDB stock opened at $50.72 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50 day simple moving average of $50.21 and a 200-day simple moving average of $54.00. The firm has a market capitalization of $2.15 billion, a PE ratio of 9.79 and a beta of 0.80. Independent Bank has a 1 year low of $44.27 and a 1 year high of $68.75.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.03). The business had revenue of $167.38 million during the quarter, compared to analysts’ expectations of $171.80 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. Equities research analysts anticipate that Independent Bank will post 4.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on INDB shares. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Monday, June 24th. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd. Finally, TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th.

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 in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.