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Independent Bank (INDB) Announces 7.8% Increase in Dividend
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Independent Bank Corp. (INDB - Free Report) rewards investors with a 7.8% hike in the quarterly dividend. The company will now pay a dividend of 55 cents per share, up from 51 cents paid out in the prior quarter.
The dividend will be paid out on Jan 6, 2023, to shareholders of record as of Dec 27, 2022.
Christopher Oddleifson, the CEO of INDB, stated, “We are well positioned to continue to deliver strong and consistent results through uncertain environments, and are pleased to announce an 8% increase in our dividend for our shareholders.”
Based on last day’s closing price of $87.56, INDB’s dividend yield currently stands at 2.51%. The yield is not just attractive to income investors, but it represents a steady income stream.
Prior to this hike, INDB raised its quarterly dividend in March 2022 by 6.25% to 51 cents per share.
Dividends aside, the company has a $140-million share buyback plan in place, which is valid up to Jan 18, 2023.
Markedly, Independent Bank has witnessed earnings growth of 5.9% in the past three to five years. The uptrend is expected to continue in the near term. Earnings are projected to increase 6.3% in 2022 and 18.2% in 2023.
Also, the company has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in three and matched in one of the trailing four quarters, with an average beat of 18.6%.
INDB’s organic growth trajectory looks impressive. Revenues witnessed a compound annual growth rate (CAGR) of 10.4% over the past five years (2017-2021). Over the same period, total loans witnessed a CAGR of 20.9%, while deposits witnessed a CAGR of 25.9%. Supported by the continued rise in loan balances along with higher interest rates, the company’s top line is expected to improve further. INDB’s 2022 revenues are projected to grow 42.4%, whereas 2023 revenues will likely grow 12.2%.
Hence, given a solid balance sheet position and earnings strength, the company’s capital deployment activities look sustainable, which will keep enhancing shareholder value.
Over the past six months, shares of INDB have gained 9.1% against a decline of 2.8% recorded by the industry.
Raymond James Financial, Inc.’s (RJF - Free Report) board of directors announced a quarterly cash dividend of 42 cents per share, representing an increase of 24% from the prior payout. The new dividend will be paid out on Jan 17, 2023, to shareholders on record as of Jan 3, 2023.
Raymond James has a track record of regularly raising dividends over the last decade. Prior to the recent hike, the company announced a 31% increase in its quarterly dividend to 34 cents in December 2021.
Bank7 Corp.’s (BSVN - Free Report) board of directors approved a hike in the quarterly dividend. The new dividend of 16 cents per share represents a hike of 33.3% from the prior payout. The dividend will be paid out on Jan 5, 2023, to shareholders of record as of Dec 23, 2022.
This is the third consecutive annual increase in BSVN’s quarterly cash dividend. Prior to this hike, the company increased its dividend by 10% to 12 cents per share in December 2021.
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Independent Bank (INDB) Announces 7.8% Increase in Dividend
Independent Bank Corp. (INDB - Free Report) rewards investors with a 7.8% hike in the quarterly dividend. The company will now pay a dividend of 55 cents per share, up from 51 cents paid out in the prior quarter.
The dividend will be paid out on Jan 6, 2023, to shareholders of record as of Dec 27, 2022.
Christopher Oddleifson, the CEO of INDB, stated, “We are well positioned to continue to deliver strong and consistent results through uncertain environments, and are pleased to announce an 8% increase in our dividend for our shareholders.”
Based on last day’s closing price of $87.56, INDB’s dividend yield currently stands at 2.51%. The yield is not just attractive to income investors, but it represents a steady income stream.
Prior to this hike, INDB raised its quarterly dividend in March 2022 by 6.25% to 51 cents per share.
Dividends aside, the company has a $140-million share buyback plan in place, which is valid up to Jan 18, 2023.
Markedly, Independent Bank has witnessed earnings growth of 5.9% in the past three to five years. The uptrend is expected to continue in the near term. Earnings are projected to increase 6.3% in 2022 and 18.2% in 2023.
Also, the company has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in three and matched in one of the trailing four quarters, with an average beat of 18.6%.
INDB’s organic growth trajectory looks impressive. Revenues witnessed a compound annual growth rate (CAGR) of 10.4% over the past five years (2017-2021). Over the same period, total loans witnessed a CAGR of 20.9%, while deposits witnessed a CAGR of 25.9%. Supported by the continued rise in loan balances along with higher interest rates, the company’s top line is expected to improve further. INDB’s 2022 revenues are projected to grow 42.4%, whereas 2023 revenues will likely grow 12.2%.
Hence, given a solid balance sheet position and earnings strength, the company’s capital deployment activities look sustainable, which will keep enhancing shareholder value.
Over the past six months, shares of INDB have gained 9.1% against a decline of 2.8% recorded by the industry.
Image Source: Zacks Investment Research
Independent Bank currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dividend Hikes by Other Finance Firms
Raymond James Financial, Inc.’s (RJF - Free Report) board of directors announced a quarterly cash dividend of 42 cents per share, representing an increase of 24% from the prior payout. The new dividend will be paid out on Jan 17, 2023, to shareholders on record as of Jan 3, 2023.
Raymond James has a track record of regularly raising dividends over the last decade. Prior to the recent hike, the company announced a 31% increase in its quarterly dividend to 34 cents in December 2021.
Bank7 Corp.’s (BSVN - Free Report) board of directors approved a hike in the quarterly dividend. The new dividend of 16 cents per share represents a hike of 33.3% from the prior payout. The dividend will be paid out on Jan 5, 2023, to shareholders of record as of Dec 23, 2022.
This is the third consecutive annual increase in BSVN’s quarterly cash dividend. Prior to this hike, the company increased its dividend by 10% to 12 cents per share in December 2021.