Independent Bank Corp. (NASDAQ:INDB) Announces $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) declared a quarterly dividend on Thursday, September 18th, RTT News reports. Shareholders 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 3.4%. The ex-dividend date is Monday, September 29th.

Independent Bank has a payout ratio of 34.9% indicating that 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 Down 1.4%

Shares of Independent Bank stock traded down $0.98 during trading on Monday, hitting $70.15. The company's stock had a trading volume of 227,136 shares, compared to its average volume of 309,762. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The company has a fifty day simple moving average of $68.07 and a two-hundred day simple moving average of $63.92. The company has a market capitalization of $3.50 billion, a PE ratio of 15.84 and a beta of 0.91. Independent Bank has a 52 week low of $52.15 and a 52 week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly 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. The company had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. Equities research analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. Private Trust Co. NA increased its stake in Independent Bank by 296.8% during the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank's stock valued at $39,000 after purchasing an additional 463 shares in the last quarter. Bessemer Group Inc. boosted its holdings in shares of Independent Bank by 95.1% during the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank's stock valued at $40,000 after acquiring an additional 311 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Independent Bank during the 2nd quarter valued at about $59,000. 83.40% of the stock is currently owned by institutional investors.

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.