Independent Bank Corp. (NASDAQ:INDB) Plans Dividend Increase - $0.59 Per Share

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) announced a quarterly dividend on Thursday, March 20th, RTT News reports. Stockholders of record on Monday, March 31st will be given 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 3.62%. The ex-dividend date 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% annually 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 33.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $6.70 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 34.0%.

Independent Bank Stock Up 3.3 %

Independent Bank stock traded up $2.08 during mid-day trading on Monday, hitting $65.15. The company's stock had a trading volume of 317,805 shares, compared to its average volume of 250,492. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $2.78 billion, a PE ratio of 14.41 and a beta of 0.77. The firm's 50 day moving average is $66.34 and its 200 day moving average is $65.56. Independent Bank has a 52-week low of $45.11 and a 52-week high of $77.23.

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Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank 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 transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on INDB shares. StockNews.com raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Saturday, March 15th. Raymond James reissued a "strong-buy" rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a report on Tuesday, January 21st.

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.