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

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, July 21st. Investors of record on Tuesday, August 4th will be given a dividend of 0.28 per share by the financial services provider on Friday, August 14th. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, August 4th.

Independent Bank has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Independent Bank has a dividend payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $3.84 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 29.2%.

Independent Bank Stock Up 0.0%

Shares of Independent Bank stock opened at $36.50 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $752.26 million, a price-to-earnings ratio of 10.90 and a beta of 0.71. The firm’s 50-day moving average is $34.96 and its two-hundred day moving average is $34.51. Independent Bank has a 1 year low of $29.63 and a 1 year high of $39.17.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.79 by $0.02. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. The business had revenue of $58.90 million during the quarter, compared to analyst estimates of $60.36 million. As a group, research analysts expect that Independent Bank will post 3.55 earnings per share for the current fiscal year.

Insider Activity at Independent Bank

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $34.41, for a total transaction of $48,174.00. Following the completion of the sale, the executive vice president owned 64,327 shares of the company’s stock, valued at $2,213,492.07. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd grew its stake in Independent Bank by 204.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock worth $2,148,000 after buying an additional 43,332 shares during the last quarter. Hsbc Holdings PLC increased its position in Independent Bank by 68.7% during the 4th quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock valued at $1,340,000 after buying an additional 16,829 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Independent Bank by 5.9% in the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after buying an additional 24,772 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in Independent Bank in the fourth quarter valued at about $1,809,000. Finally, Algebris UK Ltd. acquired a new stake in Independent Bank in the fourth quarter worth about $6,943,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.