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

Independent Bank Corporation (NASDAQ:IBCP) announced a quarterly dividend on Friday, January 16th. Investors of record on Tuesday, February 3rd will be given a dividend of 0.28 per share by the financial services provider on Friday, February 13th. This represents a c) dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, February 3rd. This is a 7.7% increase from Independent Bank’s previous quarterly dividend of $0.26.

Independent Bank has increased its dividend by an average of 0.1%per year 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 $3.28 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 34.1%.

Independent Bank Stock Up 0.7%

Shares of NASDAQ:IBCP opened at $35.15 on Friday. The firm has a market capitalization of $727.25 million, a PE ratio of 10.72 and a beta of 0.80. The business has a 50 day simple moving average of $33.70 and a two-hundred day simple moving average of $32.34. Independent Bank has a 1 year low of $26.75 and a 1 year high of $37.13. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. Independent Bank had a return on equity of 14.41% and a net margin of 21.73%.The firm had revenue of $46.80 million for the quarter, compared to the consensus estimate of $50.52 million. On average, equities analysts predict that Independent Bank will post 3.22 EPS for the current year.

Analyst Upgrades and Downgrades

IBCP has been the subject of several research analyst reports. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Piper Sandler raised their price target on shares of Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.00.

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.