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

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, June 20th, Zacks reports. Investors of record on Monday, July 1st will be paid 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 increased its dividend payment by an average of 6.1% annually over the last three years and has raised its dividend every year for the last 14 years. Independent Bank has a dividend payout ratio of 46.7% indicating that 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 Stock Up 6.1 %

Shares of NASDAQ:INDB opened at $50.72 on Friday. The firm has a fifty day moving average of $50.21 and a 200 day moving average of $54.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank has a 52-week low of $44.27 and a 52-week high of $68.75. The firm has a market capitalization of $2.15 billion, a PE ratio of 9.79 and a beta of 0.80.

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

Analyst Upgrades and Downgrades

INDB has been the subject of several analyst reports. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, April 22nd. Finally, StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 24th.

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.