Independent Bank Co.(MI) (NASDAQ:IBCP) announced 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 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%.
Independent Bank Co.(MI) stock opened at $13.97 on Friday. 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 stock has a market cap of $310.66 million, a price-to-earnings ratio of 6.96 and a beta of 0.95. The firm has a 50-day moving average of $13.85 and a two-hundred day moving average of $15.97. Independent Bank Co has a 1 year low of $9.19 and a 1 year high of $23.93.
In other Independent Bank Co.(MI) news, EVP Stefanie M. Kimball sold 2,900 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $16.47, for a total value of $47,763.00. Following the transaction, the executive vice president now directly owns 62,209 shares of the company’s stock, valued at approximately $1,024,582.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.44% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Thursday, May 28th. BidaskClub cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Friday, July 10th. Finally, Piper Sandler restated a “buy” rating on shares of Independent Bank Co.(MI) in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $24.00.
Independent Bank Co.(MI) Company Profile
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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