Independent Bank Corporation (IBCP) to Issue Quarterly Dividend of $0.28 on August 14th

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, July 21st. Stockholders of record on Tuesday, August 4th will be given 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 2.9%. The ex-dividend date is Tuesday, August 4th.

Independent Bank has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 11 consecutive years. Independent Bank has a dividend payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $3.87 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 28.9%.

Independent Bank Stock Up 0.0%

IBCP opened at $38.20 on Friday. Independent Bank has a twelve month low of $29.63 and a twelve month high of $39.17. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $35.64 and a 200 day moving average price of $34.77. The company has a market cap of $787.30 million, a PE ratio of 11.10 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 22.32% and a return on equity of 14.31%. The firm had revenue of $63.24 million for the quarter, compared to analyst estimates of $60.08 million. During the same period last year, the company posted $0.81 EPS. Sell-side analysts expect that Independent Bank will post 3.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. DA Davidson increased their target price on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Hovde Group raised Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $36.00 to $41.00 in a research note on Friday, July 10th. Keefe, Bruyette & Woods boosted their price target on Independent Bank from $37.00 to $38.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Piper Sandler boosted their price target on Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, June 9th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $39.50.

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.