Independent Bank Co. (IBCP) To Go Ex-Dividend on May 2nd

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders 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 dividend yield of 3.84%. The ex-dividend date is Thursday, May 2nd.

Independent Bank has raised its dividend payment by an average of 4.8% per year over the last three years and has raised its dividend annually for the last 10 consecutive years. Independent Bank has a payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $2.99 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 32.1%.

Independent Bank Stock Performance

Independent Bank stock opened at $24.99 on Tuesday. The stock has a market cap of $522.54 million, a PE ratio of 8.50 and a beta of 0.97. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. The stock has a 50-day moving average price of $24.31 and a 200 day moving average price of $23.63. Independent Bank has a 52 week low of $14.90 and a 52 week high of $27.39.

Insider Activity at Independent Bank

In other news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the transaction, the senior vice president now directly owns 8,366 shares in the company, valued at approximately $209,150. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.