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 raised its dividend by an average of 4.6% annually 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 30.8% meaning its dividend is sufficiently covered by earnings. Equities research 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 %
Independent Bank stock traded up $0.14 during midday trading on Friday, hitting $31.04. 96,645 shares of the stock were exchanged, compared to its average volume of 107,922. The company has a fifty day simple moving average of $31.03 and a two-hundred day simple moving average of $34.03. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. 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 PE ratio of 9.82 and a beta of 0.85.
Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. The company had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Equities research analysts anticipate that Independent Bank will post 3.22 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on IBCP shares. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday. DA Davidson lifted their target price 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.
Read Our Latest Analysis on Independent Bank
Independent Bank Company Profile
(
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.
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