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

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Monday, December 16th,Wall Street Journal reports. Investors of record on Monday, December 30th will be given a dividend of 0.57 per share by the bank on Monday, January 6th. This represents a $2.28 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Monday, December 30th.

Independent Bank has increased its dividend payment by an average of 6.1% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Independent Bank has a dividend payout ratio of 45.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $5.27 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 43.3%.

Independent Bank Price Performance

Shares of INDB opened at $69.48 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company has a market cap of $2.95 billion, a P/E ratio of 15.40 and a beta of 0.76. The firm’s 50 day moving average price is $67.89 and its 200 day moving average price is $60.33.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same period in the prior year, the company posted $1.38 earnings per share. On average, research analysts forecast that Independent Bank will post 4.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on INDB shares. Keefe, Bruyette & Woods upped their price objective on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research note on Thursday, December 12th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research note on Monday, October 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

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.