Independent Bank Co. (NASDAQ:IBCP) Plans Quarterly Dividend of $0.26

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Friday, January 10th,RTT News reports. Investors of record on Tuesday, February 4th will be paid a dividend of 0.26 per share by the financial services provider on Friday, February 14th. This represents a $1.04 annualized dividend and a dividend yield of 3.18%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24.

Independent Bank has increased its dividend by an average of 4.6% annually over the last three years. Independent Bank has a payout ratio of 29.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $3.03 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 31.7%.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $32.75 on Friday. Independent Bank has a one year low of $22.53 and a one year high of $40.32. The business’s 50-day moving average price is $36.49 and its two-hundred day moving average price is $33.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $684.28 million, a P/E ratio of 11.14 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same period in the previous year, the firm posted $0.83 EPS. Analysts anticipate that Independent Bank will post 3.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Insider Activity at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.45% of the stock is owned by corporate insiders.

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.