Independent Bank Corp. (INDB) To Go Ex-Dividend on June 29th

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, June 18th. Stockholders of record on Monday, June 29th will be paid a dividend of 0.64 per share by the bank on Thursday, July 9th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, June 29th.

Independent Bank has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 15 years. Independent Bank has a payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $8.33 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 30.7%.

Independent Bank Price Performance

INDB opened at $81.05 on Friday. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 16.08 and a beta of 0.77. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s fifty day moving average is $78.98 and its 200 day moving average is $78.06. Independent Bank has a fifty-two week low of $57.01 and a fifty-two week high of $87.00.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. During the same period in the previous year, the firm earned $1.06 EPS. On average, sell-side analysts forecast that Independent Bank will post 7.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the sale, the director owned 16,215 shares in the company, valued at approximately $1,253,581.65. The trade was a 14.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in INDB. Salomon & Ludwin LLC boosted its holdings in Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Independent Bank during the third quarter worth about $32,000. EverSource Wealth Advisors LLC grew its holdings in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after acquiring an additional 385 shares during the period. Danske Bank A S acquired a new stake in Independent Bank during the third quarter worth about $42,000. Finally, First Horizon Corp raised its position in Independent Bank by 47.8% during the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after acquiring an additional 213 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.