Independent Bank Corporation (NASDAQ:IBCP) Plans Quarterly Dividend of $0.26

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) declared a quarterly dividend on Tuesday, July 22nd, RTT News reports. Shareholders of record on Tuesday, August 5th will be given a dividend of 0.26 per share by the financial services provider on Friday, August 15th. This represents a $1.04 annualized dividend and a yield of 3.05%.

Independent Bank has a payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 0.3%

Shares of IBCP traded down $0.11 during midday trading on Tuesday, hitting $34.06. The stock had a trading volume of 53,372 shares, compared to its average volume of 102,088. The firm has a market cap of $705.76 million, a PE ratio of 10.85 and a beta of 0.84. Independent Bank has a 1 year low of $26.75 and a 1 year high of $40.32. The stock's 50 day moving average is $32.29 and its 200 day moving average is $32.43. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. The business had revenue of $54.11 million for the quarter, compared to analysts' expectations of $46.25 million. As a group, analysts forecast that Independent Bank will post 3.22 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on IBCP shares. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a report on Friday, April 25th. Piper Sandler cut their price objective on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th.

Insider Activity at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the sale, the director owned 8,381 shares in the company, valued at approximately $259,811. The trade was a 43.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Terance L. Beia bought 1,821 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were purchased at an average price of $30.65 per share, with a total value of $55,813.65. Following the acquisition, the director directly owned 40,001 shares in the company, valued at approximately $1,226,030.65. This trade represents a 4.77% increase in their position. The disclosure for this purchase can be found here. 5.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Independent Bank by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 464 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Independent Bank in the 1st quarter worth about $287,000. Jane Street Group LLC lifted its stake in Independent Bank by 65.5% in the 1st quarter. Jane Street Group LLC now owns 23,640 shares of the financial services provider's stock worth $728,000 after acquiring an additional 9,355 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider's stock worth $9,206,000 after acquiring an additional 12,855 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Independent Bank by 24.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider's stock worth $2,190,000 after purchasing an additional 13,926 shares in the last quarter. Institutional investors own 79.43% 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.

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