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

Independent Bank Co. (NASDAQ:IBCP) declared 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 yield of 3.15%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24.

Independent Bank has increased its dividend payment by an average of 4.6% per year over the last three years. Independent Bank has a payout ratio of 29.9% 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 1.8 %

Shares of IBCP stock traded down $0.60 during trading hours on Friday, hitting $33.06. 14,474 shares of the company were exchanged, compared to its average volume of 89,197. 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 $690.76 million, a price-to-earnings ratio of 11.24 and a beta of 1.03. Independent Bank has a one year low of $22.53 and a one year high of $40.32. The business’s 50-day simple moving average is $36.49 and its two-hundred day simple moving average is $33.47.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Independent Bank

In related news, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the purchase, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.45% of the company’s stock.

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.