Independent Bank Corporation (NASDAQ:IBCP) Announces Quarterly Dividend of $0.28

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Friday, January 16th. Investors of record on Tuesday, February 3rd will be paid a dividend of 0.28 per share by the financial services provider on Friday, February 13th. This represents a c) annualized dividend 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 by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Independent Bank has a payout ratio of 30.8% meaning 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 $1.04 annual dividend with an expected future payout ratio of 31.7%.

Independent Bank Stock Performance

IBCP remained flat at $33.86 during trading on Friday. The company had a trading volume of 121,674 shares, compared to its average volume of 107,291. The firm’s 50 day moving average is $32.87 and its 200-day moving average is $32.30. Independent Bank has a 1-year low of $26.75 and a 1-year high of $37.13. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $700.56 million, a PE ratio of 10.39 and a beta of 0.80.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Tuesday, October 28th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $45.80 million during the quarter, compared to analysts’ expectations of $50.18 million. Independent Bank had a return on equity of 14.54% and a net margin of 21.25%. Equities research analysts forecast that Independent Bank will post 3.22 EPS for the current fiscal year.

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.