Independent Bank Co. (NASDAQ:IBCP) Plans Quarterly Dividend of $0.24

Independent Bank Co. (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 3rd will be paid a dividend of 0.24 per share by the financial services provider on Monday, May 13th. This represents a $0.96 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Thursday, May 2nd.

Independent Bank has increased its dividend by an average of 4.8% per year over the last three years and has increased its dividend every year for the last 10 years. Independent Bank has a payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $2.90 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 33.1%.

Independent Bank Price Performance

IBCP traded down $0.61 on Wednesday, reaching $24.69. The company had a trading volume of 16,613 shares, compared to its average volume of 76,253. The company has a fifty day moving average of $24.30 and a 200-day moving average of $23.44. The company has a market capitalization of $516.27 million, a P/E ratio of 9.05 and a beta of 0.97. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. Independent Bank has a one year low of $14.90 and a one year high of $27.39.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. Independent Bank had a net margin of 20.34% and a return on equity of 16.28%. The company had revenue of $49.21 million during the quarter, compared to the consensus estimate of $51.50 million. As a group, equities research analysts anticipate that Independent Bank will post 2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Hovde Group assumed coverage on shares of Independent Bank in a report on Monday, March 4th. They issued a “market perform” rating for the company.

Independent Bank Company Profile

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.