Independent Bank Corp. (NASDAQ:INDB) Plans $0.55 Quarterly Dividend

Independent Bank Corp. (NASDAQ:INDB – Get Rating) declared a quarterly dividend on Thursday, March 16th, investing.com reports. Shareholders of record on Monday, March 27th will be paid a dividend of 0.55 per share by the bank on Thursday, April 6th. This represents a $2.20 annualized dividend and a yield of 3.22%. The ex-dividend date is Friday, March 24th.

Independent Bank has raised its dividend payment by an average of 5.7% per year over the last three years and has raised its dividend every year for the last 12 years. Independent Bank has a dividend payout ratio of 34.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $6.37 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 34.5%.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $68.32 on Friday. The stock has a market capitalization of $3.08 billion, a PE ratio of 11.99 and a beta of 0.83. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.89 and a quick ratio of 0.89. The business has a fifty day moving average price of $78.19 and a two-hundred day moving average price of $81.20. Independent Bank has a fifty-two week low of $64.56 and a fifty-two week high of $91.65.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler decreased their price target on Independent Bank from $83.00 to $72.00 in a research note on Tuesday. Raymond James assumed coverage on Independent Bank in a research note on Tuesday, December 20th. They issued a “market perform” rating on the stock. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 10th. Finally, Keefe, Bruyette & Woods lowered Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 price objective on the stock. in a research report on Monday, December 12th.

Insider Buying and Selling

In other Independent Bank news, CEO Christopher Oddleifson sold 1,200 shares of the company’s stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $77.80, for a total value of $93,360.00. Following the sale, the chief executive officer now owns 95,817 shares in the company, valued at approximately $7,454,562.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently made changes to their positions in INDB. Citigroup Inc. grew its holdings in Independent Bank by 12.0% during the 1st quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock worth $3,407,000 after acquiring an additional 4,461 shares during the period. PNC Financial Services Group Inc. grew its stake in Independent Bank by 65.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock worth $522,000 after purchasing an additional 2,534 shares during the period. Bank of Montreal Can increased its holdings in Independent Bank by 1.3% in the first quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock worth $1,141,000 after purchasing an additional 172 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Independent Bank by 54.9% in the first quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock valued at $1,995,000 after buying an additional 8,651 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of Independent Bank by 13.4% during the 1st quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock worth $13,019,000 after buying an additional 18,854 shares in the last quarter. Institutional investors own 81.28% of the company’s stock.

Independent Bank Company Profile

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.