Independent Bank Corp. Declares Quarterly Dividend of $0.59 (NASDAQ:INDB)

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) announced a quarterly dividend on Thursday, September 18th, RTT News reports. Stockholders of record on Monday, September 29th will be given a dividend of 0.59 per share by the bank on Tuesday, October 7th. This represents a c) annualized dividend and a dividend yield of 3.2%.

Independent Bank has a payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. Equities research 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 INDB stock traded up $2.39 during trading hours on Thursday, hitting $72.84. The company had a trading volume of 300,013 shares, compared to its average volume of 276,457. Independent Bank has a 12 month low of $52.15 and a 12 month high of $77.23. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of 16.44 and a beta of 0.91. The firm's fifty day moving average is $67.90 and its 200 day moving average is $63.83. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

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

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.

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