Independent Bank Corp. (INDB) to Issue Quarterly Dividend of $0.64 on April 9th

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, March 19th. Stockholders of record on Monday, March 30th will be given a dividend of 0.64 per share by the bank on Thursday, April 9th. This represents a c) annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, March 30th. This is a 8.5% increase from Independent Bank’s previous quarterly dividend of $0.59.

Independent Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 15 consecutive years. Independent Bank has a payout ratio of 34.9% 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 $2.36 annual dividend with an expected future payout ratio of 35.2%.

Independent Bank Stock Performance

NASDAQ INDB opened at $74.70 on Friday. Independent Bank has a 52-week low of $52.15 and a 52-week high of $87.00. The company has a fifty day moving average of $79.39 and a 200-day moving average of $74.09. The company has a market capitalization of $3.66 billion, a P/E ratio of 16.79 and a beta of 0.79. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The business had revenue of $253.93 million for the quarter, compared to analysts’ expectations of $249.64 million. As a group, equities research analysts predict that Independent Bank will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on INDB. Independent Research set a $80.00 price objective on Independent Bank in a research report on Wednesday, December 17th. Piper Sandler began coverage on Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Independent Bank currently has a consensus rating of “Hold” and a consensus price target of $81.75.

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.