Independent ups quarterly dividend

ROCKLAND, Mass. – Independent Bank Corp., parent of Rockland Trust Co., has increased its quarterly dividend for the first quarter, a vote of confidence that the bank is in good financial condition.
The board of directors raised the dividend one cent to 19 cents per share for the quarter ending March 31. The dividend will be paid on April 8 to shareholders of record on March 28.
Generally, publicly owned companies increase dividends to shareholders – a distribution of profits to the ultimate owners of the company – when they are comfortable with the financial condition of the firm. When a company is struggling, dividends are frequently withheld so the company can retain capital.
Another local publicly traded bank, The Washington Trust Co., also raised its dividend by a cent for the firs quarter 2011.
The price per share of Independent Bank Corp. (Nasdaq: INDB) has ranged between $20.50 and $28.94 in the last 12 months. The price stood at $25.51 on March 17, and then jumped to $26.72 following the dividend announcement.