Independent Bank Corp. INDB has raised its quarterly common stock dividend by 4.5% to 46 cents per share. The dividend will be paid out on Apr 9 to shareholders of record as of Mar 30.
Prior to the revision, the company had raised its quarterly dividend from 38 cents per share to 44 cents in March 2019.
Considering yesterday’s closing price of $64.23 per share, the dividend yield is currently valued at 2.86%.
Independent Bank is the holding company for Rockland Trust Company, which provides commercial banking products and services to individuals and small-to-medium sized businesses primarily in Massachusetts.
Given a solid capital and balance sheet position, the company is expected to continue enhancing shareholder value through efficient capital deployments.
Chris Oddleifson, the CEO of the company stated, “The current environment is unprecedented. While current uncertainties pose formidable challenges, we remain confident in the underlying strength of our franchise and are pleased to reward our loyal shareholders with a dividend increase.”
Independent Bank’s shares have lost 17.8% in the past year compared with a 35.3% decline recorded by the industry.
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other finance stocks, which raised their dividends during the current quarter, include Fifth Third Bancorp FITB, BankUnited, Inc. BKU and T. Rowe Price Group, Inc. TROW. Fifth Third raised its quarterly dividend by 12.5%, while BankUnited increased by 9.5%. Also, T. Rowe Price has announced an 18.4% hike in its common stock dividend.
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