Independent Bank Corp. (NASDAQ:INDB) Declares $0.64 Quarterly Dividend

Key Points

• Independent Bank declared a quarterly dividend of $0.64 per share, payable October 9 to shareholders of record on September 28. The dividend implies an annualized yield of approximately 3.1%.
• The bank has increased its dividend for 15 consecutive years, with a current payout ratio of 37.8%; analysts expect its earnings to comfortably cover the projected $2.56 annual dividend.
• Independent Bank’s shares opened at $82.42, while its latest quarterly results missed consensus estimates, reporting $1.70 in EPS versus expectations of $1.79 and revenue of $253.32 million versus $257.50 million.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) announced a quarterly dividend on Thursday, September 17th. Shareholders of record on Monday, September 28th will be given a dividend of 0.64 per share by the bank on Friday, October 9th. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, September 28th.

Independent Bank has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 15 years. Independent Bank has a payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $8.38 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 30.5%.

Independent Bank Stock Down 0.1%

Shares of NASDAQ INDB opened at $82.42 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $3.90 billion, a PE ratio of 14.88 and a beta of 0.76. Independent Bank has a one year low of $63.33 and a one year high of $87.50. The business's fifty day moving average price is $83.97 and its 200-day moving average price is $80.66.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, equities research analysts anticipate that Independent Bank will post 7.11 EPS for the current year.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director owned 17,649 shares of the company's stock, valued at $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gerard Nadeau sold 5,307 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares of the company's stock, valued at $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC bought a new stake in Independent Bank in the second quarter worth $1,461,000. Waverly Advisors LLC purchased a new stake in Independent Bank during the 2nd quarter valued at about $217,000. Nykredit A S bought a new stake in Independent Bank in the second quarter valued at approximately $140,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Independent Bank in the second quarter worth approximately $1,206,000. Finally, HB Wealth Management LLC purchased a new position in shares of Independent Bank in the second quarter worth $223,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

About Independent Bank

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.

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