Independent Bank Corporation (NASDAQ:IBCP) Shares to Pay Quarterly Dividend of $0.28

Key Points

• Independent Bank declared a quarterly dividend of $0.28 per share, payable November 13 to shareholders of record November 3. The annualized dividend is $1.12, representing a 3.1% yield, and the company has raised its dividend for 11 consecutive years.
• The dividend appears well covered, with a current payout ratio of 33.1% and an expected future payout ratio of 29.0% based on projected earnings.
• Independent Bank reported quarterly EPS of $0.90, exceeding analysts’ $0.84 estimate, while revenue of $61.64 million also topped expectations. Shares recently traded down 0.7% to $36.06.

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) declared a quarterly dividend on Tuesday, October 20th. Stockholders of record on Tuesday, November 3rd will be given a dividend of $0.28 per share by the financial services provider on Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, November 3rd.

Independent Bank has raised its dividend payment by an average of 0.1% per year over the last three years and has increased its dividend every year for the last 11 years. Independent Bank has a dividend payout ratio of 33.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank to earn $3.86 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.0%.

Independent Bank Trading Down 0.7%

Shares of NASDAQ IBCP traded down $0.27 during midday trading on Wednesday, hitting $36.06. The company's stock had a trading volume of 30,536 shares, compared to its average volume of 177,903. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. The business's 50 day moving average is $36.45 and its two-hundred day moving average is $35.61. Independent Bank has a 12-month low of $29.83 and a 12-month high of $39.24. The firm has a market cap of $800.60 million, a P/E ratio of 10.48 and a beta of 0.73.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.06. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%. The firm had revenue of $61.64 million during the quarter, compared to analyst estimates of $60.08 million. During the same period last year, the company earned $0.81 EPS. As a group, equities research analysts expect that Independent Bank will post 3.51 EPS for the current year.

Insider Buying and Selling

In other Independent Bank news, CEO William Kessel sold 2,000 shares of Independent Bank stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $37.28, for a total transaction of $74,560.00. Following the completion of the sale, the chief executive officer directly owned 157,836 shares of the company's stock, valued at $5,884,126.08. The trade was a 1.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.91% of the stock is owned by insiders.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings in shares of Independent Bank by 935.3% in the 1st quarter. Parallel Advisors LLC now owns 1,201 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 1,085 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Independent Bank by 81.5% during the first quarter. PNC Financial Services Group Inc. now owns 1,269 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 570 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Independent Bank by 138.4% during the first quarter. Royal Bank of Canada now owns 1,297 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 753 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Independent Bank by 22.4% during the third quarter. Nisa Investment Advisors LLC now owns 4,810 shares of the financial services provider's stock valued at $170,000 after purchasing an additional 881 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Independent Bank during the second quarter valued at approximately $224,000. Institutional investors own 79.43% of the company's stock.

Independent Bank Company Profile

Independent Bank Corporation is a bank holding company headquartered in Ionia, Michigan. Through its principal subsidiary, Independent Bank, the company provides community banking services to individuals, families, businesses and municipalities throughout Michigan.

Independent Bank offers deposit products such as checking and savings accounts, money market accounts and certificates of deposit. Its lending activities include residential mortgages, home equity financing, consumer loans, commercial real estate loans and financing for small and middle-market businesses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.