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

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, December 12th,Wall Street Journal reports. Investors of record on Monday, December 30th will be paid a dividend of 0.57 per share by the bank on Monday, January 6th. This represents a $2.28 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Monday, December 30th.

Independent Bank has raised its dividend payment by an average of 6.1% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Independent Bank has a dividend payout ratio of 45.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $5.27 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 43.3%.

Independent Bank Stock Performance

Independent Bank stock opened at $65.00 on Friday. Independent Bank has a 1 year low of $45.11 and a 1 year high of $77.23. The company’s 50-day moving average is $68.85 and its two-hundred day moving average is $61.22. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.76 billion, a PE ratio of 14.13 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period in the prior year, the business posted $1.38 earnings per share. Equities analysts anticipate that Independent Bank will post 4.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on INDB shares. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a report on Monday, October 21st. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.00.

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.