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

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 21st. Shareholders of record on Monday, May 4th will be paid 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 increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 11 consecutive 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 $3.75 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 stock 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 1 year low of $29.63 and a 1 year high of $37.39. The firm’s fifty day moving average price is $34.36 and its two-hundred day moving average price is $33.42. The firm has a market capitalization of $689.97 million, a P/E ratio of 10.22 and a beta of 0.76.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on IBCP shares. DA Davidson restated a “neutral” rating and set a $36.00 price objective on shares of Independent Bank in a research note on Friday, March 20th. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. Finally, Piper Sandler boosted their price objective on shares of Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Independent Bank currently has an average rating of “Hold” and an average 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.