Independent Bank Co. (NASDAQ:IBCP - Get Free Report) declared a quarterly dividend on Tuesday, April 22nd, RTT News reports. Shareholders of record on Monday, May 5th will be given a dividend of 0.26 per share by the financial services provider on Thursday, May 15th. This represents a $1.04 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Monday, May 5th.
Independent Bank has increased its dividend payment by an average of 4.6% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. Independent Bank has a dividend payout ratio of 30.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Independent Bank to earn $3.28 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 31.7%.
Independent Bank Trading Up 0.5 %
NASDAQ:IBCP traded up $0.14 during mid-day trading on Friday, hitting $31.04. 96,645 shares of the stock traded hands, compared to its average volume of 107,710. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $651.00 million, a price-to-earnings ratio of 9.82 and a beta of 0.85. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The firm's 50 day moving average is $31.03 and its two-hundred day moving average is $34.02.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. The firm had revenue of $54.11 million for the quarter, compared to the consensus estimate of $46.25 million. On average, equities research analysts predict that Independent Bank will post 3.22 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on IBCP shares. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research note on Friday. DA Davidson boosted their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th.
View Our Latest Report on Independent Bank
About Independent Bank
(
Get Free Report)
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.
Further Reading
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