Independent Bank Corp. (INDB) to Issue Quarterly Dividend of $0.64 on April 9th
by Mitch Edgeman · The Markets DailyIndependent Bank Corp. (NASDAQ:INDB – Get Free Report) declared 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 3.5%. 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 dividend payout ratio of 37.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $6.70 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 38.2%.
Independent Bank Stock Performance
Shares of INDB stock opened at $73.73 on Friday. The stock has a market cap of $3.61 billion, a PE ratio of 16.57 and a beta of 0.79. The stock has a 50-day moving average of $79.35 and a 200-day moving average of $74.22. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a one year low of $52.15 and a one year high of $87.00.
Independent Bank (NASDAQ:INDB – Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.05. The business had revenue of $253.93 million for 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%. As a group, sell-side analysts expect that Independent Bank will post 5.41 earnings per share for the current year.
Insider Transactions at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares of the company’s stock, valued at $1,125,995. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the sale, the director owned 12,747 shares in the company, valued at approximately $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Independent Bank
Several hedge funds have recently made changes to their positions in INDB. Royal Bank of Canada boosted its holdings in Independent Bank by 10.6% during the first quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after purchasing an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after buying an additional 1,112 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock worth $37,584,000 after buying an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Independent Bank by 8.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after buying an additional 8,435 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Independent Bank by 1,222.7% in the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after acquiring an additional 68,458 shares in the last quarter. 83.40% of the stock is owned by institutional investors.
About Independent Bank
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.