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

Key Points

• Independent Bank Corporation has announced a quarterly dividend of $0.26 per share, scheduled for distribution on November 14th to stockholders of record on November 4th.
• The company has a healthy dividend payout ratio of 30.8%, indicating that its dividends are well-covered by earnings, with expected earnings of $3.28 per share next year.
• As of the latest report, Independent Bank's stock has a target price of $36.00 and is rated "Hold" by market analysts, following a recent upgrade from DA Davidson to a target price of $37.00.

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) declared a quarterly dividend on Tuesday, October 21st. Stockholders of record on Tuesday, November 4th will be given a dividend of 0.26 per share by the financial services provider on Friday, November 14th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, November 4th.

Independent Bank has a dividend payout ratio of 30.8% indicating that 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 Price Performance

Shares of NASDAQ IBCP opened at $32.13 on Wednesday. The stock has a market cap of $665.41 million, a price-to-earnings ratio of 10.47 and a beta of 0.79. Independent Bank has a 52 week low of $26.75 and a 52 week high of $40.32. The company's 50-day moving average price is $31.76 and its 200 day moving average price is $31.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.39.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. The firm had revenue of $55.94 million for the quarter, compared to analysts' expectations of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. As a group, research analysts forecast that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IBCP has been the topic of a number of recent research reports. DA Davidson upped their target price on shares of Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Independent Bank in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $36.00.

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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