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

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Monday, December 16th,Wall Street Journal reports. Stockholders of record on Monday, December 30th will be given a dividend of 0.57 per share by the bank on Monday, January 6th. This represents a $2.28 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Monday, December 30th.

Independent Bank has increased its dividend by an average of 6.1% per year over the last three years and has raised its dividend every year for the last 14 years. Independent Bank has a payout ratio of 44.1% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of INDB opened at $71.68 on Tuesday. The company has a 50 day moving average of $67.61 and a two-hundred day moving average of $60.18. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 15.58 and a beta of 0.76. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a twelve month low of $45.11 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the previous year, the firm earned $1.38 earnings per share. As a group, analysts predict that Independent Bank will post 4.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INDB. Keefe, Bruyette & Woods lifted their target price on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a report on Thursday, December 12th. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research note on Monday, October 21st. One equities 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.