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

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Friday, January 16th. Stockholders 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 dividend 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 increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 11 years. 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 Price Performance

IBCP stock opened at $33.86 on Friday. The company’s 50 day moving average price is $32.93 and its 200 day moving average price is $32.31. The firm has a market capitalization of $700.56 million, a price-to-earnings ratio of 10.39 and a beta of 0.80. Independent Bank has a fifty-two week low of $26.75 and a fifty-two week high of $37.13. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 0.91.

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

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of IBCP. Wedge Capital Management L L P NC lifted its position in Independent Bank by 1.9% in the fourth quarter. Wedge Capital Management L L P NC now owns 26,171 shares of the financial services provider’s stock valued at $851,000 after acquiring an additional 495 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Independent Bank by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after purchasing an additional 24,772 shares in the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Independent Bank by 4.9% in the 3rd quarter. Tudor Investment Corp ET AL now owns 64,345 shares of the financial services provider’s stock valued at $1,993,000 after purchasing an additional 2,983 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Independent Bank in the 3rd quarter valued at about $376,000. Finally, PharVision Advisers LLC acquired a new stake in shares of Independent Bank in the 3rd quarter valued at about $256,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank

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.