Independent Bank Co. Declares Quarterly Dividend of $0.24 (NASDAQ:IBCP)

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Friday, May 3rd will be given a dividend of 0.24 per share by the financial services provider on Monday, May 13th. This represents a $0.96 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Thursday, May 2nd.

Independent Bank has raised its dividend by an average of 4.8% annually over the last three years and has increased its dividend every year for the last 10 years. Independent Bank has a payout ratio of 33.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $2.90 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 33.1%.

Independent Bank Stock Performance

NASDAQ IBCP traded down $0.61 on Wednesday, reaching $24.69. 16,613 shares of the company’s stock traded hands, compared to its average volume of 76,253. The firm has a market cap of $516.27 million, a price-to-earnings ratio of 9.05 and a beta of 0.97. The stock has a 50 day moving average price of $24.30 and a 200-day moving average price of $23.44. Independent Bank has a fifty-two week low of $14.90 and a fifty-two week high of $27.39. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. The company had revenue of $49.21 million during the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a net margin of 20.34% and a return on equity of 16.28%. Equities research analysts predict that Independent Bank will post 2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Hovde Group began coverage on shares of Independent Bank in a research report on Monday, March 4th. They issued a “market perform” rating for the company.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.