Independent Bank Co.(MI) (IBCP) Declares Quarterly Dividend of $0.15

Independent Bank Co.(MI) (NASDAQ:IBCP) announced a quarterly dividend on Monday, January 22nd, RTT News reports. Investors of record on Wednesday, February 7th will be given a dividend of 0.15 per share by the financial services provider on Thursday, February 15th. This represents a $0.60 dividend on an annualized basis and a yield of 2.52%. This is a boost from Independent Bank Co.(MI)’s previous quarterly dividend of $0.12.

Shares of Independent Bank Co (NASDAQ IBCP) traded up $0.25 on Monday, reaching $23.85. The company’s stock had a trading volume of 52,000 shares, compared to its average volume of 96,900. The company has a market cap of $508.81, a price-to-earnings ratio of 20.92, a price-to-earnings-growth ratio of 1.92 and a beta of 0.69. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.84. Independent Bank Co has a 52-week low of $18.50 and a 52-week high of $24.20.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.01). The firm had revenue of $33.22 million during the quarter, compared to the consensus estimate of $33.36 million. Independent Bank Co.(MI) had a net margin of 17.75% and a return on equity of 9.52%. equities analysts forecast that Independent Bank Co will post 1.18 earnings per share for the current fiscal year.

A number of research analysts have commented on the company. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Wednesday, January 3rd. Compass Point upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $24.00 price objective on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Independent Bank Co.(MI) has an average rating of “Hold” and a consensus price target of $24.00.

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About Independent Bank Co.(MI)

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 Co.(MI) (NASDAQ:IBCP)

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