Independent Bank Corp. (INDB) to Issue Quarterly Dividend of $0.57 on July 8th

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 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date is Monday, July 1st.

Independent Bank has raised its dividend payment by an average of 6.1% annually 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 46.7% indicating that its dividend is sufficiently covered by earnings. 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 %

NASDAQ INDB opened at $50.72 on Friday. Independent Bank has a one year low of $44.27 and a one year high of $68.75. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. The business has a fifty day moving average price of $50.21 and a 200 day moving average price of $54.00. The company has a market cap of $2.15 billion, a P/E ratio of 9.79 and a beta of 0.80.

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

Wall Street Analysts Forecast Growth

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

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.