Independent Bank Co. (NASDAQ:IBCP) to Issue Quarterly Dividend of $0.26

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Friday, January 10th,RTT News reports. Investors 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 annualized dividend and a dividend yield of 3.18%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24.

Independent Bank has raised its dividend by an average of 4.6% per year over the last three years. Independent Bank has a dividend payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

IBCP opened at $32.75 on Friday. The company’s 50-day simple moving average is $36.49 and its two-hundred day simple moving average is $33.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $684.28 million, a P/E ratio of 11.14 and a beta of 1.03. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued 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 during the quarter, compared to analysts’ expectations 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 prior year, the business posted $0.83 EPS. As a group, analysts predict that Independent Bank will post 3.02 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.45% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price objective on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Independent Bank Company Profile

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.