Independent Bank Corporation (NASDAQ:IBCP) Shares Will Pay Quarterly Dividend of $0.28

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, October 20th. Investors of record on Tuesday, November 3rd will be given a dividend of $0.28 per share by the financial services provider on Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 3rd.

Independent Bank has increased its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 11 years. Independent Bank has a dividend payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $3.86 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.0%.

Independent Bank Price Performance

NASDAQ:IBCP traded down $0.42 during trading hours on Wednesday, hitting $35.91. The company’s stock had a trading volume of 33,752 shares, compared to its average volume of 177,913. The business’s 50-day moving average is $36.45 and its two-hundred day moving average is $35.61. The company has a market capitalization of $797.20 million, a PE ratio of 10.44 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank has a 52-week low of $29.83 and a 52-week high of $39.24.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%. The company had revenue of $61.64 million during the quarter, compared to the consensus estimate of $60.08 million. During the same quarter last year, the company earned $0.81 earnings per share. As a group, research analysts anticipate that Independent Bank will post 3.51 EPS for the current fiscal year.

Independent Bank Company Profile

Independent Bank Corporation is a bank holding company headquartered in Ionia, Michigan. Through its principal subsidiary, Independent Bank, the company provides community banking services to individuals, families, businesses and municipalities throughout Michigan.

Independent Bank offers deposit products such as checking and savings accounts, money market accounts and certificates of deposit. Its lending activities include residential mortgages, home equity financing, consumer loans, commercial real estate loans and financing for small and middle-market businesses.