Independent Bank Co. (NASDAQ:IBCP) announced a quarterly dividend on Wednesday, April 21st, Wall Street Journal reports. Stockholders of record on Wednesday, May 5th will be paid a dividend of 0.21 per share by the financial services provider on Friday, May 14th. This represents a $0.84 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Tuesday, May 4th.
Independent Bank has increased its dividend payment by 90.5% over the last three years and has increased its dividend every year for the last 1 years. Independent Bank has a dividend payout ratio of 38.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Independent Bank to earn $1.86 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 45.2%.
Shares of NASDAQ IBCP opened at $22.52 on Friday. The stock has a fifty day simple moving average of $23.47 and a two-hundred day simple moving average of $19.33. Independent Bank has a 1-year low of $10.90 and a 1-year high of $24.73. The firm has a market cap of $492.99 million, a price-to-earnings ratio of 9.46 and a beta of 1.06. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 0.29.
Separately, Zacks Investment Research raised Independent Bank from a “hold” rating to a “strong-buy” rating and set a $24.00 target price on the stock in a research note on Wednesday, February 17th.
About Independent Bank
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. 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 machine, and Internet and mobile banking services.
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