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

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) announced a quarterly dividend on Wednesday, June 18th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 0.59 per share by the bank on Monday, July 7th. This represents a $2.36 dividend on an annualized basis and a yield of 3.85%.

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 Price Performance

INDB remained flat at $61.26 during midday trading on Wednesday. 337,024 shares of the company's stock were exchanged, compared to its average volume of 291,964. Independent Bank has a one year low of $45.11 and a one year high of $77.23. The firm has a market cap of $2.61 billion, a PE ratio of 13.80 and a beta of 0.84. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.28. The company's fifty day moving average price is $60.77 and its 200-day moving average price is $64.00.

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

Hedge Funds Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in INDB. Royal Bank of Canada grew its holdings in Independent Bank by 10.6% in the 1st 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 purchasing an additional 1,112 shares during the period. Jane Street Group LLC increased its position in Independent Bank by 1,222.7% during the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock worth $4,640,000 after purchasing an additional 68,458 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Independent Bank by 8.7% during 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 worth $6,623,000 after purchasing an additional 8,435 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock valued at $37,584,000 after purchasing an additional 11,714 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Wall Street Zen lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Piper Sandler reduced their price objective on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently 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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