Independent Bank Corporation (NASDAQ:IBCP) Shareholders to Get $0.28 Quarterly Dividend

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, October 20th. Stockholders of record on Tuesday, November 3rd will be paid a dividend of $0.28 per share by the financial services provider on Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 3rd.

Independent Bank has increased its dividend by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 11 years. Independent Bank has a payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $3.86 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 29.0%.

Independent Bank Stock Down 0.7%

Shares of IBCP traded down $0.27 during trading hours on Wednesday, hitting $36.06. The company had a trading volume of 30,536 shares, compared to its average volume of 177,903. The company has a market capitalization of $800.60 million, a PE ratio of 10.48 and a beta of 0.73. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. Independent Bank has a one year low of $29.83 and a one year high of $39.24. The company’s fifty day moving average price is $36.45 and its two-hundred day moving average price is $35.61.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.06. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%. The firm had revenue of $61.64 million during the quarter, compared to analysts’ expectations of $60.08 million. During the same period in the prior year, the business posted $0.81 EPS. As a group, equities analysts forecast that Independent Bank will post 3.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on IBCP. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Friday, September 4th. Hovde Group raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their price target for the company from $36.00 to $41.00 in a research report on Friday, July 10th. Piper Sandler raised shares of Independent Bank from a “neutral” rating to an “overweight” rating and set a $42.00 price target for the company in a research report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.50.

Independent Bank Company Profile

Independent Bank Corporation is a bank holding company headquartered in Ionia, Michigan. Through its principal subsidiary, Independent Bank, the company provides community banking services to individuals, families, businesses and municipalities throughout Michigan.

Independent Bank offers deposit products such as checking and savings accounts, money market accounts and certificates of deposit. Its lending activities include residential mortgages, home equity financing, consumer loans, commercial real estate loans and financing for small and middle-market businesses.