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

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) announced a quarterly dividend on Tuesday, July 22nd, RTT News reports. Investors of record on Tuesday, August 5th will be paid 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 3.20%. The ex-dividend date of this dividend is Tuesday, August 5th.

Independent Bank has a payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 1.2%

IBCP traded down $0.38 during trading hours on Friday, hitting $32.46. 55,029 shares of the company's stock were exchanged, compared to its average volume of 83,310. Independent Bank has a 12-month low of $26.75 and a 12-month high of $40.32. The firm has a 50 day moving average of $32.40 and a 200 day moving average of $32.43. The firm has a market cap of $672.57 million, a P/E ratio of 10.57 and a beta of 0.84. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. Independent Bank had a net margin of 20.31% and a return on equity of 14.13%. The business had revenue of $55.94 million for the quarter, compared to analyst estimates of $47.72 million. Analysts predict that Independent Bank will post 3.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. DA Davidson raised their price objective on shares of Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday. Piper Sandler reduced 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. Finally, Keefe, Bruyette & Woods cut their price target 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, April 25th.

Insider Buying and Selling at Independent Bank

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

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider's stock valued at $9,206,000 after acquiring an additional 12,855 shares in the last quarter. Millennium Management LLC boosted its holdings in Independent Bank by 469.8% during the first quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider's stock worth $4,032,000 after buying an additional 107,972 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Independent Bank by 24.4% during the first 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 buying an additional 13,926 shares in the last quarter. Jane Street Group LLC boosted its holdings in Independent Bank by 65.5% during the first quarter. Jane Street Group LLC now owns 23,640 shares of the financial services provider's stock worth $728,000 after buying an additional 9,355 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Independent Bank by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider's stock worth $364,000 after buying an additional 464 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

Independent Bank Company Profile

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.