Independent Bank (INDB) Declares $0.55 Dividend

Independent Bank said on March 16, 2023 that its board of directors declared a regular quarterly dividend of $0.55 per share ($2.20 annualized). Previously, the company paid $0.51 per share.

Shares must be purchased before the ex-div date of March 24, 2023 to qualify for the dividend. Shareholders of record as of March 27, 2023 will receive the payment on April 6, 2023.

At the current share price of $68.32 / share, the stock's dividend yield is 3.22%. Looking back five years and taking a sample every week, the average dividend yield has been 2.39%, the lowest has been 1.66%, and the highest has been 3.66%. The standard deviation of yields is 0.37 (n=236).

The current dividend yield is 2.26 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.38. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.25%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 32.87% Upside

As of March 17, 2023, the average one-year price target for Independent Bank is $90.78. The forecasts range from a low of $83.83 to a high of $98.70. The average price target represents an increase of 32.87% from its latest reported closing price of $68.32.

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The projected annual revenue for Independent Bank is $823MM, an increase of 14.57%. The projected annual non-GAAP EPS is $6.84.

What is the Fund Sentiment?

There are 568 funds or institutions reporting positions in Independent Bank. This is an increase of 20 owner(s) or 3.65% in the last quarter. Average portfolio weight of all funds dedicated to INDB is 0.23%, an increase of 1.30%. Total shares owned by institutions increased in the last three months by 2.13% to 46,136K shares. The put/call ratio of INDB is 0.27, indicating a bullish outlook.

What are Large Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 3,142K shares representing 6.97% ownership of the company. No change in the last quarter.

Victory Capital Management holds 1,723K shares representing 3.82% ownership of the company. In it's prior filing, the firm reported owning 1,722K shares, representing an increase of 0.05%. The firm decreased its portfolio allocation in INDB by 32.97% over the last quarter.

Silvercrest Asset Management Group holds 1,463K shares representing 3.25% ownership of the company. In it's prior filing, the firm reported owning 1,504K shares, representing a decrease of 2.82%. The firm increased its portfolio allocation in INDB by 2.96% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,384K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 1,301K shares, representing an increase of 5.96%. The firm increased its portfolio allocation in INDB by 11.25% over the last quarter.

T. Rowe Price Investment Management holds 1,336K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 1,594K shares, representing a decrease of 19.33%. The firm decreased its portfolio allocation in INDB by 8.82% over the last quarter.

Independent Bank Background Information
(This description is provided by the company.)

Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's 'Top Places to Work' 2020 list, an honor earned for the 12th consecutive year. In 2020, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. Rockland Trust is deeply committed to the communities it serves, as reflected in the overall 'Outstanding' rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

This story originally appeared on Fintel.