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

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Shareholders 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 3.80%. The ex-dividend date of this dividend is Thursday, May 2nd.

Independent Bank has raised its dividend by an average of 4.8% per year over the last three years and has increased its dividend annually for the last 10 consecutive 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

Independent Bank stock traded down $0.05 during trading hours on Wednesday, reaching $25.25. 8,584 shares of the stock were exchanged, compared to its average volume of 76,091. The company has a market cap of $527.98 million, a P/E ratio of 9.07 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 twelve month low of $14.90 and a twelve month high of $27.39. The stock has a 50 day moving average of $24.30 and a two-hundred day moving average of $23.44.

Independent Bank (NASDAQ:IBCP) last posted 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 for the quarter, compared to the consensus estimate of $51.50 million. Equities analysts expect that Independent Bank will post 2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Hovde Group began coverage on shares of Independent Bank in a research report on Monday, March 4th. They set a “market perform” rating on the 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.