Independent Bank Co. (IBCP) to Issue Quarterly Dividend of $0.24 on May 13th

Independent Bank Co. (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 3rd will be given a dividend of 0.24 per share by the financial services provider on Monday, May 13th. This represents a $0.96 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend is Thursday, May 2nd.

Independent Bank has raised its dividend payment by an average of 4.8% annually over the last three years and has increased its dividend every year for the last 10 years. Independent Bank has a dividend payout ratio of 33.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $2.90 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 33.1%.

Independent Bank Stock Performance

NASDAQ IBCP opened at $25.12 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. The company has a market capitalization of $525.26 million, a PE ratio of 9.00 and a beta of 0.97. The company has a 50-day simple moving average of $24.32 and a 200 day simple moving average of $23.45. Independent Bank has a 52-week low of $14.90 and a 52-week high of $27.39.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.08. Independent Bank had a return on equity of 16.28% and a net margin of 20.34%. The company had revenue of $49.21 million during the quarter, compared to the consensus estimate of $51.50 million. On average, research analysts predict that Independent Bank will post 2.89 EPS for the current year.

Analysts Set New Price Targets

Separately, Hovde Group assumed coverage on shares of Independent Bank in a research report on Monday, March 4th. They set a “market perform” rating for the company.

About Independent Bank

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.