Independent Bank Corp. (NASDAQ:INDB) Increases Dividend to $0.64 Per Share

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, March 19th. Shareholders of record on Monday, March 30th will be paid a dividend of 0.64 per share by the bank on Thursday, April 9th. This represents a c) dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, March 30th. This is a 8.5% increase from Independent Bank’s previous quarterly dividend of $0.59.

Independent Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 15 years. Independent Bank has a payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $6.70 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 35.2%.

Independent Bank Price Performance

INDB stock opened at $74.35 on Friday. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 16.71 and a beta of 0.79. The firm’s 50-day moving average price is $79.41 and its two-hundred day moving average price is $74.07. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 12-month low of $52.15 and a 12-month high of $87.00.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. The company had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. As a group, equities analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on INDB. Piper Sandler assumed coverage on Independent Bank in a report on Monday. They issued a “neutral” rating and a $84.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Barclays cut shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a report on Monday, February 2nd. Finally, Independent Research set a $80.00 price objective on shares of Independent Bank in a report on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Independent Bank has an average rating of “Hold” and a consensus price target of $81.75.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.