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

Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, July 21st. Stockholders of record on Tuesday, August 4th will be given a dividend of 0.28 per share by the financial services provider on Friday, August 14th. This represents a c) annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, August 4th.

Independent Bank has raised its dividend payment by an average of 0.1%per year over the last three years and has raised 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. Analysts expect Independent Bank to earn $3.84 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 29.2%.

Independent Bank Trading Up 0.0%

IBCP opened at $36.50 on Wednesday. The company’s 50 day simple moving average is $34.96 and its two-hundred day simple moving average is $34.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $752.26 million, a price-to-earnings ratio of 10.90 and a beta of 0.71. Independent Bank has a 1-year low of $29.63 and a 1-year high of $39.17.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.79 by $0.02. The business had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Analysts expect that Independent Bank will post 3.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Piper Sandler reduced their price objective on Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, April 27th. Hovde Group raised Independent Bank from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $36.00 to $41.00 in a research note on Friday, July 10th. DA Davidson upped their price target on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday, June 9th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average price target of $38.33.

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.