Independent Bank Corp. Plans Quarterly Dividend of $0.64 (NASDAQ:INDB)

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, September 17th. Shareholders of record on Monday, September 28th will be paid a dividend of 0.64 per share by the bank on Friday, October 9th. This represents a c) annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, September 28th.

Independent Bank has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 15 consecutive years. Independent Bank has a payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $8.38 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 30.5%.

Independent Bank Trading Down 0.1%

Shares of INDB opened at $82.42 on Friday. Independent Bank has a 1-year low of $63.33 and a 1-year high of $87.50. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average price is $83.97 and its 200-day moving average price is $80.66. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 14.88 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The company had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. Sell-side analysts anticipate that Independent Bank will post 7.11 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on INDB shares. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $91.86.

About Independent Bank

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.