Independent Bank Corporation (IBCP) To Go Ex-Dividend on August 4th

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, July 21st. Stockholders of record on Tuesday, August 4th will be paid a dividend of 0.28 per share by the financial services provider on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, August 4th.

Independent Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Independent Bank has a payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $3.84 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 29.2%.

Independent Bank Price Performance

Shares of IBCP stock opened at $36.01 on Thursday. Independent Bank has a 1 year low of $29.63 and a 1 year high of $39.17. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $35.02 and its 200-day moving average is $34.54. The firm has a market capitalization of $742.17 million, a price-to-earnings ratio of 10.75 and a beta of 0.71.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. The business had revenue of $63.24 million during the quarter, compared to analyst estimates of $60.08 million. During the same quarter last year, the business posted $0.81 earnings per share. Sell-side analysts forecast that Independent Bank will post 3.55 EPS for the current fiscal year.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.