Independent Bank Corporation (IBCP) To Go Ex-Dividend on November 3rd

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, October 20th. Shareholders of record on Tuesday, November 3rd will be paid a dividend of $0.28 per share by the financial services provider on Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, November 3rd.

Independent Bank has raised its dividend payment by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 11 years. Independent Bank has a payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $3.86 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 29.0%.

Independent Bank Stock Performance

Independent Bank stock opened at $35.99 on Thursday. The company’s 50-day moving average price is $36.40 and its 200-day moving average price is $35.63. Independent Bank has a twelve month low of $29.83 and a twelve month high of $39.24. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. The company has a market cap of $798.98 million, a PE ratio of 10.46 and a beta of 0.73.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.06. The firm had revenue of $61.64 million for the quarter, compared to analysts’ expectations of $60.08 million. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. During the same period in the prior year, the company earned $0.81 EPS. On average, equities research analysts forecast that Independent Bank will post 3.51 EPS for the current fiscal year.

Insider Buying and Selling at Independent Bank

In other news, CEO William Kessel sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $37.28, for a total value of $74,560.00. Following the completion of the sale, the chief executive officer owned 157,836 shares in the company, valued at approximately $5,884,126.08. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.91% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in Independent Bank by 81.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,269 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 570 shares during the period. Odyssean LLC boosted its position in shares of Independent Bank by 4.5% during the second quarter. Odyssean LLC now owns 16,902 shares of the financial services provider’s stock valued at $610,000 after buying an additional 725 shares during the period. Royal Bank of Canada boosted its position in shares of Independent Bank by 138.4% during the first quarter. Royal Bank of Canada now owns 1,297 shares of the financial services provider’s stock valued at $43,000 after buying an additional 753 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Independent Bank by 22.4% during the third quarter. Nisa Investment Advisors LLC now owns 4,810 shares of the financial services provider’s stock valued at $170,000 after buying an additional 881 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Independent Bank by 935.3% during the first quarter. Parallel Advisors LLC now owns 1,201 shares of the financial services provider’s stock valued at $40,000 after buying an additional 1,085 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Independent Bank, a community banking institution headquartered in Ionia, Michigan. The bank serves individuals, families, farmers, small businesses and commercial customers through a network of branches and digital banking services across Michigan’s Lower Peninsula.

Independent Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, agricultural loans and commercial lending.