Independent Bank Corp. (NASDAQ:INDB) Plans Dividend Increase – $0.64 Per Share

Independent Bank Corp. (NASDAQ:INDB) announced a quarterly dividend on Thursday, March 19th. Shareholders 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) dividend on an annualized basis and a 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%per year over the last three years and has raised its dividend every year for the last 15 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 Trading Up 0.9%

Shares of NASDAQ INDB opened at $74.35 on Friday. The firm’s 50 day moving average price is $79.41 and its 200-day moving average price is $74.07. Independent Bank has a 52-week low of $52.15 and a 52-week high of $87.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $3.64 billion, a PE ratio of 16.71 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. The company had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. On average, equities research analysts expect that Independent Bank will post 5.41 EPS for the current fiscal year.

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.