Independent Bank Corp. (INDB) To Go Ex-Dividend on September 30th

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, September 19th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.57 per share by the bank on Friday, October 4th. This represents a $2.28 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date is Monday, September 30th.

Independent Bank has increased its dividend by an average of 6.1% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Independent Bank has a dividend payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $5.20 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 43.8%.

Independent Bank Trading Down 1.1 %

INDB stock opened at $58.44 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $60.71 and its 200-day moving average is $53.96. The firm has a market cap of $2.48 billion, a P/E ratio of 11.28 and a beta of 0.75. Independent Bank has a 1-year low of $44.63 and a 1-year high of $68.75.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. The business had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. During the same period in the previous year, the company earned $1.42 earnings per share. Equities analysts anticipate that Independent Bank will post 4.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on INDB shares. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd.

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.