Independent Bank Co. (NASDAQ:IBCP) Increases Dividend to $0.26 Per Share

Independent Bank Co. (NASDAQ:IBCP) declared a quarterly dividend on Friday, January 10th,RTT News reports. Stockholders of record on Tuesday, February 4th will be paid a dividend of 0.26 per share by the financial services provider on Friday, February 14th. This represents a $1.04 annualized dividend and a dividend yield of 3.15%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24.

Independent Bank has raised its dividend by an average of 4.6% annually over the last three years. Independent Bank has a payout ratio of 29.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank to earn $3.03 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 31.7%.

Independent Bank Trading Down 1.8 %

NASDAQ IBCP traded down $0.60 during trading hours on Friday, reaching $33.06. The company had a trading volume of 14,474 shares, compared to its average volume of 89,197. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $690.76 million, a P/E ratio of 11.24 and a beta of 1.03. Independent Bank has a 1-year low of $22.53 and a 1-year high of $40.32. The stock has a 50-day moving average of $36.49 and a 200 day moving average of $33.47.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The company had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period in the prior year, the firm posted $0.83 earnings per share. As a group, research analysts anticipate that Independent Bank will post 3.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the purchase, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.