Independent Bank Co.(MI) (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, July 23rd, RTT News reports. Shareholders of record on Tuesday, August 6th will be given a dividend of 0.18 per share by the financial services provider on Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 3.45%. The ex-dividend date is Monday, August 5th.
Independent Bank Co.(MI) has increased its dividend by an average of 32.1% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Independent Bank Co.(MI) has a payout ratio of 40.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank Co.(MI) to earn $2.04 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 35.3%.
IBCP opened at $20.86 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.19. Independent Bank Co has a 1-year low of $20.18 and a 1-year high of $25.65. The company has a market capitalization of $494.57 million, a P/E ratio of 12.04, a PEG ratio of 1.43 and a beta of 0.42. The stock has a 50 day simple moving average of $21.70.
IBCP has been the subject of a number of analyst reports. BidaskClub cut shares of Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 18th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $25.50.
About Independent Bank Co.(MI)
Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.
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