Independent Bank Corp (NASDAQ:INDB) announced a dividend on Thursday, September 19th, Fidelity reports. Investors of record on Monday, September 30th will be given a dividend of 0.44 per share by the bank on Friday, October 11th. The ex-dividend date of this dividend is Friday, September 27th.
Independent Bank has raised its dividend payment by an average of 12.7% per year over the last three years and has raised its dividend every year for the last 8 years. Independent Bank has a payout ratio of 37.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $5.67 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 31.0%.
NASDAQ:INDB traded down $0.11 during mid-day trading on Friday, hitting $73.93. 120,184 shares of the company’s stock were exchanged, compared to its average volume of 94,908. The company has a 50 day simple moving average of $70.54 and a 200-day simple moving average of $75.94. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.31. Independent Bank has a fifty-two week low of $64.68 and a fifty-two week high of $89.80. The firm has a market capitalization of $2.54 billion, a P/E ratio of 15.76 and a beta of 1.19.
Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.33 by $0.09. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. The business had revenue of $134.67 million for the quarter, compared to the consensus estimate of $129.20 million. As a group, analysts expect that Independent Bank will post 5.47 earnings per share for the current year.
Several research firms recently commented on INDB. ValuEngine downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. BidaskClub upgraded shares of Independent Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 14th. DA Davidson restated a “neutral” rating on shares of Independent Bank in a research report on Monday, July 22nd. Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $77.00 to $83.00 in a research report on Friday, July 19th. Finally, Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $84.33.
In other news, Director William M. Parent sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total value of $562,500.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is currently owned by insiders.
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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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