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

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.57 per share by the bank on Friday, October 4th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Monday, September 30th.

Independent Bank has increased 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 43.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 1.1 %

Shares of NASDAQ INDB opened at $58.44 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.48 billion, a P/E ratio of 11.28 and a beta of 0.75. Independent Bank has a 52 week low of $44.63 and a 52 week high of $68.75. The business has a 50-day simple moving average of $60.71 and a two-hundred day simple moving average of $53.96.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. During the same quarter in the previous year, the company earned $1.42 earnings per share. Research analysts anticipate that Independent Bank will post 4.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

INDB has been the topic of a number of research analyst reports. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report 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.