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

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) declared a quarterly dividend on Friday, January 10th,RTT News reports. Shareholders 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 3.18%. This is an increase from Independent Bank's previous quarterly dividend of $0.24.

Independent Bank has increased its dividend by an average of 4.6% per year over the last three years. Independent Bank has a dividend payout ratio of 29.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of IBCP traded down $0.91 during mid-day trading on Friday, reaching $32.75. 104,471 shares of the company's stock traded hands, compared to its average volume of 105,328. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The stock has a market capitalization of $684.28 million, a P/E ratio of 11.14 and a beta of 1.03. The business's 50-day moving average price is $36.49 and its 200-day moving average price is $33.47. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). The business 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 last year, the firm posted $0.83 EPS. Equities analysts predict that Independent Bank will post 3.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of the business's stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 5.45% of the company's 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.