5 Best Dividend Stocks for Passive Income

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In this article, we discuss 5 best dividend stocks for passive income. If you want to read our detailed analysis of dividend stocks and their performance over the years, go directly to read 15 Best Dividend Stocks for Passive Income

5. Independent Bank Corp. (NASDAQ:INDB)

Dividend Yield as of December 1: 2.25%

Independent Bank Corp. (NASDAQ:INDB) is a Michigan-based bank holding company that offers loans, mortgages, and personal and business banking services. In the third quarter of 2022, the company reported revenue of $190.8 million, up 63.8% from the same period last year. Its total assets for the quarter amounted to over $19.7 billion.

Independent Bank Corp. (NASDAQ:INDB) currently pays a quarterly dividend of $0.51 per share and has a dividend yield of 2.25%, as of December 1. The company is one of the best dividend stocks on our list as it has been raising its dividends consistently for the past 11 years.

As of the end of Q3 2022, 14 hedge funds tracked by Insider Monkey owned stakes in Independent Bank Corp. (NASDAQ:INDB), compared with 9 in the previous quarter. These stakes are collectively valued at over $67.3 million.

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