Independent Bank Co.(MI) (NASDAQ:IBCP) declared a quarterly dividend on Wednesday, July 22nd, Wall Street Journal reports. Stockholders of record on Tuesday, August 4th will be paid a dividend of 0.20 per share by the financial services provider on Friday, August 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.73%. The ex-dividend date of this dividend is Monday, August 3rd.
Independent Bank Co.(MI) has increased its dividend payment by an average of 111.8% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Independent Bank Co.(MI) has a dividend payout ratio of 54.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Independent Bank Co.(MI) to earn $1.48 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 54.1%.
Shares of NASDAQ:IBCP opened at $13.97 on Friday. The business’s 50-day moving average is $13.85 and its 200-day moving average is $15.97. Independent Bank Co has a 1 year low of $9.19 and a 1 year high of $23.93. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.91 and a quick ratio of 0.89. The company has a market capitalization of $305.74 million, a price-to-earnings ratio of 6.85 and a beta of 0.95.
In other news, EVP Stefanie M. Kimball sold 2,900 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $16.47, for a total value of $47,763.00. Following the completion of the sale, the executive vice president now directly owns 62,209 shares of the company’s stock, valued at $1,024,582.23. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.44% of the company’s stock.
IBCP has been the topic of a number of research reports. Zacks Investment Research raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Thursday, May 28th. Piper Sandler reaffirmed a “buy” rating on shares of Independent Bank Co.(MI) in a research note on Tuesday, May 26th. Finally, BidaskClub downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Friday, July 10th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $24.00.
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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