Independent Bank Co. (IBCP) to Issue Quarterly Dividend of $0.24 on August 15th

Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Tuesday, July 23rd, Zacks reports. Shareholders of record on Monday, August 5th will be paid a dividend of 0.24 per share by the financial services provider on Thursday, August 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, August 5th.

Independent Bank has increased its dividend payment by an average of 4.8% annually over the last three years. Independent Bank has a payout ratio of 32.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $3.00 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 32.0%.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $33.24 on Thursday. Independent Bank has a fifty-two week low of $16.90 and a fifty-two week high of $33.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $694.72 million, a P/E ratio of 11.31 and a beta of 1.01. The company’s 50 day moving average price is $26.32 and its two-hundred day moving average price is $25.32.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.11. Independent Bank had a net margin of 20.45% and a return on equity of 16.55%. The firm had revenue of $52.76 million for the quarter, compared to analyst estimates of $51.50 million. On average, equities analysts forecast that Independent Bank will post 2.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IBCP shares. Piper Sandler upgraded shares of Independent Bank to a “hold” rating in a report on Tuesday, June 11th. DA Davidson reiterated a “neutral” rating and set a $28.00 price target on shares of Independent Bank in a report on Tuesday, April 30th.

Insider Buying and Selling

In related news, Director Christina Keller sold 2,400 shares of Independent Bank stock in a transaction on Friday, June 14th. The shares were sold at an average price of $23.62, for a total transaction of $56,688.00. Following the completion of the transaction, the director now owns 6,563 shares of the company’s stock, valued at $155,018.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Independent Bank news, SVP James J. Twarozynski sold 1,500 shares of Independent Bank stock in a transaction on Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the sale, the senior vice president now directly owns 8,366 shares of the company’s stock, valued at $209,150. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Christina Keller sold 2,400 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $23.62, for a total transaction of $56,688.00. Following the transaction, the director now owns 6,563 shares in the company, valued at approximately $155,018.06. The disclosure for this sale can be found here. Insiders sold 5,600 shares of company stock valued at $135,821 over the last quarter. Insiders own 5.45% 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.