Independent Bank Corp. Sees Strong Trading Volume Following Dividend Announcement (INDB)
Independent Bank Corp. (NASDAQ:INDB) shares saw strong trading volume on Friday after the company announced a dividend, AnalystRatingsNetwork reports. 123,083 shares were traded during mid-day trading, an increase of 85% from the previous session’s volume of 66,434 shares.The stock last traded at $37.95 and had previously closed at $38.11.
The newly announced dividend is scheduled for Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Thursday, June 26th.
A number of research firms have recently commented on INDB. Analysts at Drexel Hamilton initiated coverage on shares of Independent Bank Corp. in a research note on Thursday, May 8th. They set a “buy” rating on the stock. Separately, analysts at Keefe, Bruyette & Woods cut their price target on shares of Independent Bank Corp. from $15.00 to $14.50 in a research note on Tuesday, April 22nd. Finally, analysts at SunTrust initiated coverage on shares of Independent Bank Corp. in a research note on Monday, March 31st. They set a “neutral” rating and a $40.00 price target on the stock. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Independent Bank Corp. has a consensus rating of “Buy” and a consensus price target of $31.88.
The stock has a 50-day moving average of $36.60 and a 200-day moving average of $37.42. The company has a market cap of $904.3 million and a price-to-earnings ratio of 17.32.
Independent Bank Corp. (NASDAQ:INDB) last announced its earnings results on Thursday, April 17th. The company reported $0.51 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.56 by $0.05. On average, analysts predict that Independent Bank Corp. will post $2.49 earnings per share for the current fiscal year.
Independent Bank Corp. is a bank holding company. The Company owns 100% interest in Rockland Trust Company (NASDAQ:INDB), a trust company.
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