Independent Bank Corp. (NASDAQ:INDB) to Issue $0.59 Quarterly Dividend

Key Points

• Independent Bank Corp. declared a quarterly dividend of $0.59 per share, with a dividend yield of 3.2%, payable on October 7th to shareholders of record on September 29th.
• The bank has a payout ratio of 34.9%, ensuring that earnings sufficiently cover the dividend, with expected earnings of $6.70 per share next year.
• During recent trading, INDB shares rose to $72.84, reflecting a market capitalization of $3.64 billion and a P/E ratio of 16.44.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) declared a quarterly dividend on Thursday, September 18th, RTT News reports. Stockholders of record on Monday, September 29th will be paid a dividend of 0.59 per share by the bank on Tuesday, October 7th. This represents a c) dividend on an annualized basis and a dividend yield of 3.4%.

Independent Bank has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. 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

Shares of NASDAQ:INDB traded down $0.98 during trading on Monday, reaching $70.15. The company had a trading volume of 227,136 shares, compared to its average volume of 309,762. The company has a fifty day moving average of $68.07 and a two-hundred day moving average of $63.92. The stock has a market capitalization of $3.50 billion, a P/E ratio of 15.84 and a beta of 0.91. Independent Bank has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The company had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Equities research analysts forecast that Independent Bank will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on INDB shares. Zacks Research cut shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Wall Street Zen raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $71.00.

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.