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

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 21st. Investors of record on Monday, May 4th will be given a dividend of 0.28 per share by the financial services provider on Thursday, May 14th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, May 4th.

Independent Bank has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Independent Bank has a payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $3.75 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 29.9%.

Independent Bank Stock Down 2.6%

Shares of IBCP opened at $33.51 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.23. Independent Bank has a 12 month low of $29.63 and a 12 month high of $37.39. The stock’s 50 day moving average is $34.36 and its two-hundred day moving average is $33.42. The firm has a market cap of $689.97 million, a P/E ratio of 10.22 and a beta of 0.76.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.83 by $0.06. Independent Bank had a return on equity of 14.20% and a net margin of 21.73%.The company had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million. Analysts predict that Independent Bank will post 3.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IBCP. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Piper Sandler raised their price objective on Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a report on Monday, January 26th. Finally, DA Davidson reissued a “neutral” rating and issued a $36.00 price objective on shares of Independent Bank in a report on Friday, March 20th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $36.67.

Independent Bank Company Profile

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.