Independent Bank Corporation (IBCP) to Issue Quarterly Dividend of $0.28 on November 13th

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, October 20th. Stockholders 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 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend 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 raised its dividend every year for the last 11 years. Independent Bank has a payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $3.94 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 28.4%.

Independent Bank Price Performance

NASDAQ IBCP opened at $36.57 on Friday. The business’s fifty day moving average is $36.28 and its 200 day moving average is $35.40. The company has a market capitalization of $811.85 million, a PE ratio of 10.76 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank has a fifty-two week low of $29.83 and a fifty-two week high of $39.24.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Tuesday, October 27th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.03). The firm had revenue of $71.07 million during the quarter, compared to analysts’ expectations of $68.86 million. Independent Bank had a return on equity of 14.57% and a net margin of 21.63%. Sell-side analysts predict that Independent Bank will post 3.54 earnings per share for the current year.

About Independent Bank

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.