Independent Bank Co. (NASDAQ:IBCP) Raises Dividend to $0.26 Per Share

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Friday, January 10th,RTT News reports. Stockholders of record on Tuesday, February 4th will be given a dividend of 0.26 per share by the financial services provider on Friday, February 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.18%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24.

Independent Bank has increased its dividend payment by an average of 4.6% annually over the last three years. Independent Bank has a payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $3.03 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 31.7%.

Independent Bank Stock Down 2.7 %

Shares of Independent Bank stock opened at $32.75 on Friday. The business has a fifty day simple moving average of $36.49 and a 200 day simple moving average of $33.47. The stock has a market cap of $684.28 million, a PE ratio of 11.14 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). The company had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Research analysts predict that Independent Bank will post 3.02 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Insider Transactions at Independent Bank

In related news, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares in the company, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.45% of the stock is currently owned by insiders.

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.