Independent Bank Co. (NASDAQ:IBCP – Get Free Report) announced a quarterly dividend on Tuesday, October 22nd, Zacks reports. Shareholders of record on Tuesday, November 5th will be given a dividend of 0.24 per share by the financial services provider on Friday, November 15th. This represents a $0.96 annualized dividend and a yield of 2.89%. The ex-dividend date is Tuesday, November 5th.
Independent Bank has increased its dividend by an average of 4.8% annually over the last three years. Independent Bank has a payout ratio of 32.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $3.02 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 31.8%.
Independent Bank Stock Down 0.9 %
IBCP stock opened at $33.23 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. The firm has a 50 day simple moving average of $33.20 and a 200-day simple moving average of $29.08. The company has a market capitalization of $694.57 million, a P/E ratio of 11.30 and a beta of 0.99. Independent Bank has a twelve month low of $16.90 and a twelve month high of $35.97.
Analysts Set New Price Targets
A number of equities analysts recently commented on IBCP shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $31.00 price target (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler lifted their target price on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th.
Get Our Latest Research Report on IBCP
Insider Activity
In other Independent Bank news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 5.45% of the company’s stock.
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.
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