Independent Bank Corp. (INDB) To Go Ex-Dividend on September 28th

Independent Bank Corp. (NASDAQ:INDB) declared a quarterly dividend on Thursday, September 17th. Shareholders of record on Monday, September 28th will be paid a dividend of $0.64 per share by the bank on Friday, October 9th. This represents a $2.56 annualized dividend and a yield of 3.2%. The ex-dividend date is Monday, September 28th.

Independent Bank has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Independent Bank has a dividend payout ratio of 37.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $8.27 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 31.0%.

Independent Bank Trading Up 1.2%

NASDAQ:INDB opened at $81.20 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company’s 50 day moving average is $83.51 and its 200-day moving average is $80.73. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of 14.66 and a beta of 0.76. Independent Bank has a 12 month low of $63.33 and a 12 month high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Equities analysts anticipate that Independent Bank will post 7.14 EPS for the current year.

Insider Activity at Independent Bank

In other Independent Bank news, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerard Nadeau sold 5,307 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Independent Bank in the 2nd quarter worth approximately $584,333,000. Norges Bank acquired a new position in Independent Bank during the fourth quarter worth $46,117,000. Bank of America Corp DE acquired a new position in Independent Bank during the second quarter worth $44,640,000. Bank of New York Mellon Corp bought a new position in shares of Independent Bank during the second quarter valued at $41,268,000. Finally, NFJ Investment Group LLC acquired a new stake in shares of Independent Bank in the 2nd quarter valued at $35,278,000. 83.40% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corp. is a bank holding company headquartered in Rockland, Massachusetts. Its principal subsidiary, Rockland Trust Company, provides banking and financial services to individuals, families, businesses and institutions.

Rockland Trust offers a range of consumer and commercial banking products, including checking and savings accounts, residential and commercial lending, mortgages, home equity financing, business loans, cash-management services and online and mobile banking.