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

Key Points

• Independent Bank Corp. declared a quarterly dividend of $0.59 per share, which will be paid to investors on October 7th, representing a yield of 3.2%.
• The bank has a payout ratio of 34.9%, indicating its dividend is well-covered by earnings, with an estimated future payout ratio of 35.2% for the coming year.
• Recent trading indicates Independent Bank stock rose to $72.84, with analysts giving it a consensus rating of "Moderate Buy" and a target price of $71.00.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) announced a quarterly dividend on Thursday, September 18th, RTT News reports. Investors 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) annualized dividend and a 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 Stock Performance

INDB stock traded up $2.39 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 company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock's 50-day simple moving average is $67.90 and its 200 day simple moving average is $63.83. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 16.44 and a beta of 0.91.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $179.47 million. As a group, equities research analysts expect that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on INDB. Zacks Research cut shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Independent Bank has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

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.

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