Independent Bank Corporation (IBCP) to Issue Quarterly Dividend of $0.28 on February 13th

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Friday, January 16th. Investors of record on Tuesday, February 3rd will be given a dividend of 0.28 per share by the financial services provider on Friday, February 13th. This represents a c) dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, February 3rd. This is a 7.7% increase from Independent Bank’s previous quarterly dividend of $0.26.

Independent Bank has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 11 years. Independent Bank has a dividend payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $3.28 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 34.1%.

Independent Bank Stock Performance

Independent Bank stock opened at $33.86 on Friday. Independent Bank has a 12-month low of $26.75 and a 12-month high of $37.13. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $700.63 million, a price-to-earnings ratio of 10.39 and a beta of 0.80. The firm’s fifty day moving average price is $32.93 and its 200 day moving average price is $32.31.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Tuesday, October 28th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Independent Bank had a return on equity of 14.54% and a net margin of 21.25%.The company had revenue of $45.80 million during the quarter, compared to the consensus estimate of $50.18 million. On average, research analysts forecast that Independent Bank will post 3.22 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Independent Bank Company Profile

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.