Independent Bank Corp (NASDAQ:INDB) declared a dividend on Thursday, September 19th, Fidelity reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.44 per share by the bank on Friday, October 11th. The ex-dividend date is Friday, September 27th.
Independent Bank has raised its dividend by an average of 12.7% annually over the last three years and has raised its dividend every year for the last 8 years. Independent Bank has a dividend payout ratio of 37.7% meaning its dividend is sufficiently covered by earnings. Equities research 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%.
Shares of INDB traded down $0.11 during trading hours on Friday, hitting $73.93. The company had a trading volume of 120,184 shares, compared to its average volume of 94,908. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 15.76 and a beta of 1.19. The business has a fifty day moving average of $70.54 and a 200-day moving average of $75.94. Independent Bank has a 12 month low of $64.68 and a 12 month high of $89.80. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.31.
INDB has been the topic of several research analyst reports. BidaskClub raised shares of Independent Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 14th. ValuEngine lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. DA Davidson reissued a “neutral” rating on shares of Independent Bank in a research report on Monday, July 22nd. Zacks Investment Research raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, September 6th. Finally, Compass Point raised shares of Independent Bank from a “neutral” rating to a “buy” rating and increased their price objective for the company from $77.00 to $83.00 in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $84.33.
In related news, Director William M. Parent sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total transaction of $562,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.60% of the stock is currently owned by company 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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