GRAND RAPIDS, Mich. – Independent Bank (NASDAQ:INDB) Corporation (NASDAQ: IBCP), a Michigan-based financial institution, has declared a quarterly cash dividend of 24 cents per share, as announced by its Board of Directors today. The dividend is scheduled to be paid on August 15, 2024, to shareholders who are on record as of August 5, 2024.
The bank, which was founded as First National Bank of Ionia in 1864, currently operates a network of branches throughout Michigan's Lower Peninsula. Independent Bank, the subsidiary through which the holding company offers its services, provides a comprehensive suite of financial services. These include commercial banking, mortgage lending, investments, and insurance services.
With total assets amounting to approximately $5.2 billion, Independent Bank Corporation focuses on delivering personal service and value to its customers, stockholders, and the communities in which it operates.
Moreover, Independent Bank Corporation has reported notable growth in the first quarter of 2024. The company's net income rose to $16 million, or $0.76 per diluted share, an increase from the same period last year. This growth is attributed to an increase in both loans and core deposits, as well as an improvement in net interest margin. The corporation's total deposits stood at $4.58 billion as of March 31, 2024. Independent Bank Corporation is not only experiencing this positive growth but also preparing for potential rate cuts in the latter half of the year. Analysts from the firm project cash flow for the year to be around $140-145 million, with an estimated $130 million for the following year.
InvestingPro Insights
Amidst the latest dividend announcement by Independent Bank Corporation, investors are keen on understanding the financial metrics that might influence their investment decisions. According to InvestingPro data, Independent Bank Corporation has a market capitalization of $686.02 million, with a P/E ratio that stands at 10.98, reflecting the market's valuation of the company relative to its earnings. Notably, the bank has shown a revenue growth of 3.28% over the last twelve months as of Q1 2024, which indicates a steady increase in the financial institution's income.
InvestingPro Tips suggest that Independent Bank Corporation has maintained a solid track record of increasing dividends, having raised its dividend for 11 consecutive years. This consistent dividend growth aligns with the bank's recent declaration and reinforces its appeal to income-focused investors. Additionally, the bank's strong performance is reflected in its price total return of 74.17% over the past year, trading near its 52-week high at 99.91% of the peak value.
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