Independent Bank Corp. (INDB) To Go Ex-Dividend on March 31st

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.59 per share by the bank on Monday, April 7th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend is Monday, March 31st. This is a 3.5% increase from Independent Bank’s previous quarterly dividend of $0.57.

Independent Bank has raised its dividend by an average of 5.9% per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Independent Bank has a payout ratio of 34.2% indicating that its dividend is sufficiently covered by earnings. 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

NASDAQ INDB opened at $63.19 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a fifty day simple moving average of $66.40 and a 200 day simple moving average of $65.64. Independent Bank has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a market cap of $2.69 billion, a P/E ratio of 13.98 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Sell-side analysts predict that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INDB. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Raymond James reiterated a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday.

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.