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

Independent Bank Co. (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors 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 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Thursday, May 2nd.

Independent Bank has raised its dividend by an average of 4.8% per year over the last three years and has raised its dividend every year for the last 10 years. Independent Bank has a dividend 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 Trading Down 0.7 %

Shares of IBCP stock opened at $25.12 on Thursday. Independent Bank has a 1 year low of $14.90 and a 1 year high of $27.39. The company has a market cap of $525.26 million, a price-to-earnings ratio of 9.00 and a beta of 0.97. The firm has a fifty day moving average price of $24.32 and a 200-day moving average price of $23.45. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.71 by $0.08. The firm had revenue of $49.21 million for 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%. As a group, equities analysts predict that Independent Bank will post 2.89 earnings per share for the current year.

Analyst Ratings Changes

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

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.