Independent Bank Co. Plans Quarterly Dividend of $0.24 (NASDAQ:IBCP)

Independent Bank Co. (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Friday, May 3rd will be given a dividend of 0.24 per share by the financial services provider on Monday, May 13th. This represents a $0.96 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Thursday, May 2nd.

Independent Bank has raised its dividend by an average of 4.8% annually over the last three years and has raised its dividend annually for the last 10 consecutive years. Independent Bank has a dividend payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $2.99 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 32.1%.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $24.99 on Tuesday. Independent Bank has a 1 year low of $14.90 and a 1 year high of $27.39. The firm has a market cap of $522.54 million, a P/E ratio of 8.50 and a beta of 0.97. The stock has a fifty day moving average price of $24.31 and a two-hundred day moving average price of $23.63. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86.

Analyst Upgrades and Downgrades

Separately, Hovde Group began coverage on shares of Independent Bank in a research report on Monday, March 4th. They issued a “market perform” rating on the stock.

Insiders Place Their Bets

In other news, SVP James J. Twarozynski sold 1,500 shares of Independent Bank stock in a transaction that occurred 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 transaction, 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 accessible through this hyperlink. 5.48% of the stock is currently owned by company insiders.

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.