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

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 21st. Investors 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) dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Monday, May 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% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Down 2.6%

Shares of NASDAQ:IBCP opened at $33.51 on Wednesday. Independent Bank has a 12 month low of $29.63 and a 12 month high of $37.39. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $34.36 and its 200 day simple moving average is $33.42. The firm has a market cap of $689.97 million, a price-to-earnings ratio of 10.22 and a beta of 0.76.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. The business had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million. As a group, research analysts forecast that Independent Bank will post 3.5 EPS for the current fiscal year.

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.