Independent Bank Corporation (NASDAQ:IBCP) declared a quarterly dividend on Tuesday, October 24th, RTT News reports. Stockholders of record on Monday, November 6th will be paid a dividend of 0.12 per share by the financial services provider on Wednesday, November 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.13%. This is an increase from Independent Bank Corporation’s previous quarterly dividend of $0.10.

Independent Bank Corporation (NASDAQ:IBCP) traded up 0.89% during trading on Tuesday, reaching $22.70. 15,202 shares of the company were exchanged. Independent Bank Corporation has a one year low of $16.45 and a one year high of $23.65. The company has a market capitalization of $484.33 million, a P/E ratio of 20.25 and a beta of 0.55. The firm’s 50-day moving average is $21.50 and its 200 day moving average is $21.21.

Independent Bank Corporation (NASDAQ:IBCP) last announced its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The company had revenue of $31.94 million during the quarter, compared to analysts’ expectations of $32.55 million. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. On average, analysts anticipate that Independent Bank Corporation will post $1.21 EPS for the current fiscal year.

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IBCP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $22.00 target price on shares of Independent Bank Corporation in a research note on Wednesday, October 4th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research note on Thursday, July 27th. Zacks Investment Research raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Wednesday, September 27th. BidaskClub downgraded shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Finally, DA Davidson initiated coverage on shares of Independent Bank Corporation in a research note on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Independent Bank Corporation presently has a consensus rating of “Hold” and a consensus price target of $22.67.

About Independent Bank Corporation

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Dividend History for Independent Bank Corporation (NASDAQ:IBCP)

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