Intel stock spikes after report of possible US government stake
ROCKLAND, Mass. – Independent Bank Corp. (NASDAQ:INDB), the parent company of Rockland Trust Company, has declared a dividend of $0.59 per share, marking a $0.02 increase from the previous quarter. The dividend is payable on April 7, 2025, to shareholders of record as of March 31, 2025. According to InvestingPro data, INDB has maintained dividend payments for 31 consecutive years and currently offers a 3.56% yield, demonstrating its commitment to shareholder returns.
Jeffrey Tengel, Chief Executive Officer of Independent Bank Corp., expressed the company’s commitment to delivering sustainable returns to its shareholders, noting the 4% increase in the annual dividend.
Independent Bank Corp., listed on the NASDAQ Global Select Market, operates Rockland Trust Company, which provides a broad range of banking, investment, and insurance services. Catering to individuals, families, and businesses, Rockland Trust has retail branches in Eastern Massachusetts and Worcester County, as well as commercial banking and investment management offices in Massachusetts and Rhode Island. The bank also offers mobile, online, and telephone banking services and is an FDIC member and an Equal Housing Lender.
The press release also contained forward-looking statements regarding the company’s business prospects. However, it acknowledged that actual results could differ due to various factors, including economic conditions in New England, the financial services industry’s stability, labor market competition, and other potential risks such as adverse weather, natural disasters, and changes in interest rates.
The company also noted the competitive nature of the banking sector, operational risks including cybersecurity threats, and the regulatory environment’s impact on business operations.
This announcement is based on a press release statement from Independent Bank Corp. and should be considered in light of the various risks and uncertainties that could affect the company’s actual results, as detailed in its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
In other recent news, Independent Bank Corp. reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $1.21 against a forecast of $1.17 and revenue of $176.85 million compared to the anticipated $174.06 million. Despite these positive results, Keefe, Bruyette & Woods (KBW) adjusted their outlook on the bank, lowering the price target from $82.00 to $80.00 while maintaining a Market Perform rating. The reduction in the price target follows a slight earnings outperformance but a shortfall in pre-provision net revenue due to lower expenses and fees.
In addition, Independent Bank Corp. announced the appointment of three new members to its Board of Directors, effective April 1, 2025, bringing expertise in technology, legal matters, and finance to the board. The bank is also on track to complete the East Boston Savings Bank transaction in the second half of 2025, which is expected to enhance profitability and reduce office exposure. Meanwhile, the bank’s wealth management division reached a record $7.2 billion in assets under administration, reflecting growth in comprehensive financial services.
Independent Bank Corp. is experiencing positive trends in deposits and commercial loan pipelines, although management anticipates a slight contraction in net interest margins. The bank continues to focus on resolving problem credits, particularly in office commercial real estate, with expectations for resolution in the first half of 2025. These developments highlight the company’s ongoing strategic efforts to strengthen its financial position and governance.
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