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

Independent Bank Co. (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 3rd will be paid 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 yield of 3.80%. The ex-dividend date is Thursday, May 2nd.

Independent Bank has increased its dividend by an average of 4.8% annually over the last three years and has raised 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. Equities 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 Price Performance

Shares of NASDAQ:IBCP traded down $0.05 during trading on Wednesday, reaching $25.25. The stock had a trading volume of 8,584 shares, compared to its average volume of 76,091. The business has a fifty day moving average price of $24.30 and a 200-day moving average price of $23.44. The stock has a market cap of $527.98 million, a PE ratio of 9.07 and a beta of 0.97. 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 has a 1-year low of $14.90 and a 1-year high of $27.39.

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

Analyst Ratings Changes

Separately, Hovde Group assumed coverage on Independent Bank in a research note on Monday, March 4th. They set a “market perform” rating for the company.

Independent Bank Company Profile

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.