GRAND RAPIDS, Mich. - Independent Bank (NASDAQ:INDB) Corporation (NASDAQ: IBCP), a community bank holding company, announced today that its Board of Directors has declared a quarterly cash dividend of 24 cents per share. The dividend is scheduled to be paid on May 13, 2024, to shareholders who are on record as of May 3, 2024.
The announcement represents the company's latest dividend distribution to its shareholders. Independent Bank Corporation, which was founded in 1864, has grown to hold total assets of approximately $5.3 billion. Operating under the Independent Bank subsidiary, the corporation offers a comprehensive suite of financial services. These services include commercial banking, mortgage lending, investments, and insurance, primarily across Michigan's Lower Peninsula.
The corporation's commitment to delivering personal service and value to its customers, shareholders, and the communities it serves has been a longstanding part of its business philosophy. As a financial institution with a rich history, Independent Bank Corporation has been an integral part of Michigan's banking landscape, adapting to the changing financial needs of its customers while maintaining a focus on community involvement.
The declaration of this dividend follows the company's tradition of providing returns to its investors and reflects its financial health and outlook. Shareholders can expect the payment to be made in the second week of May, following the record date at the beginning of the month.
This information is based on a press release statement from Independent Bank Corporation. The dividend payout is consistent with the company's practice of sharing profits with its shareholders and underscores its performance in the financial sector.
InvestingPro Insights
Independent Bank Corporation (NASDAQ: IBCP) has recently made headlines with its dividend announcement, and investors are keenly observing its performance metrics. According to InvestingPro data, the company has a market capitalization of $519.71 million and a price-to-earnings (P/E) ratio of 8.72, which slightly adjusts to 8.8 when considering the last twelve months as of Q4 2023. These figures suggest a valuation that might appeal to value-oriented investors.
While the company has experienced a slight revenue decline of 2.59% over the last twelve months as of Q4 2023, it has notably managed to maintain a strong operating income margin of 38.19% in the same period. This indicates efficient management and the potential to weather economic headwinds.
Furthermore, the dividend yield stands at a compelling 3.92%, highlighting the company's commitment to returning value to shareholders—a commitment further evidenced by an impressive dividend growth of 9.09% over the last twelve months.
From an investment standpoint, two InvestingPro Tips stand out for Independent Bank Corporation. Firstly, the company has maintained dividend payments for 11 consecutive years, which signals reliability and a shareholder-friendly approach.
Secondly, despite analysts anticipating a sales decline in the current year, the company has been profitable over the last twelve months and is predicted to remain profitable this year. This could provide some reassurance to investors concerned about future earnings stability.
For those looking to delve deeper into the financial health and future prospects of Independent Bank Corporation, InvestingPro offers additional tips. In fact, there are 5 more InvestingPro Tips available that can provide investors with a more comprehensive understanding of the company's position. To access these insights and enhance your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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