Independent Bank Corporation (IBCP) to Distribute Quarterly Dividend of $0.26 on November 14th

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, October 21st. Investors of record on Tuesday, November 4th will be paid a dividend of 0.26 per share by the financial services provider on Friday, November 14th. This represents a c) annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, November 4th.

Independent Bank has a dividend payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $3.28 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 31.7%.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $32.16 on Thursday. The stock has a market cap of $666.03 million, a price-to-earnings ratio of 10.48 and a beta of 0.79. Independent Bank has a 12 month low of $26.75 and a 12 month high of $40.32. The company has a 50 day simple moving average of $31.76 and a two-hundred day simple moving average of $31.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%.The company had revenue of $55.94 million for the quarter, compared to the consensus estimate of $47.72 million. As a group, analysts predict that Independent Bank will post 3.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IBCP. DA Davidson boosted their target price on shares of Independent Bank from $35.00 to $37.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Weiss Ratings restated a “buy (b-)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. One equities research analyst has 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 a consensus rating of “Hold” and an average price target of $36.00.

Independent Bank Company Profile

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.