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

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 21st. Investors of record on Monday, May 4th will be paid a dividend of 0.28 per share by the financial services provider on Thursday, May 14th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, May 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 every year for the last 11 years. Independent Bank has a dividend payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $3.75 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 29.9%.

Independent Bank Stock Up 0.4%

Shares of Independent Bank stock opened at $33.63 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. The firm has a market cap of $692.37 million, a P/E ratio of 10.25 and a beta of 0.76. Independent Bank has a fifty-two week low of $29.63 and a fifty-two week high of $37.39. The business has a 50-day moving average price of $34.32 and a 200 day moving average price of $33.43.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.06. The firm had revenue of $46.80 million during the quarter, compared to analyst estimates of $50.52 million. Independent Bank had a return on equity of 14.20% and a net margin of 21.73%. On average, sell-side analysts forecast that Independent Bank will post 3.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on IBCP shares. Piper Sandler boosted their price objective on Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Monday, January 26th. DA Davidson reissued a “neutral” rating and issued a $36.00 price objective on shares of Independent Bank in a report on Friday, March 20th. Finally, Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.67.

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.