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

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) declared a quarterly dividend on Wednesday, June 18th, RTT News reports. Investors of record on Monday, June 30th will be given a dividend of 0.59 per share by the bank on Monday, July 7th. This represents a $2.36 annualized dividend and a yield of 3.87%. The ex-dividend date is Monday, June 30th.

Independent Bank has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Down 0.3%

NASDAQ INDB traded down $0.20 during trading hours on Friday, hitting $61.06. 920,469 shares of the company's stock were exchanged, compared to its average volume of 290,793. The business's 50 day moving average is $61.11 and its 200-day moving average is $63.77. The firm has a market capitalization of $2.60 billion, a P/E ratio of 13.75 and a beta of 0.84. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank has a 12-month low of $46.06 and a 12-month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. As a group, analysts anticipate that Independent Bank will post 5.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently modified their holdings of INDB. Jane Street Group LLC grew its stake in shares of Independent Bank by 1,222.7% in the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock valued at $4,640,000 after buying an additional 68,458 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock valued at $37,584,000 after buying an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Independent Bank by 8.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank's stock valued at $6,623,000 after buying an additional 8,435 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Independent Bank by 10.6% in the first quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock valued at $779,000 after buying an additional 1,189 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Independent Bank by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank's stock valued at $1,583,000 after buying an additional 1,112 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on INDB shares. Piper Sandler cut their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, Independent Bank presently has an average 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.