Independent Bank Corporation (IBCP) Raises Dividend to $0.12 Per Share
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.
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