Independent Bank Announces Dividend Increase to $0.28

Independent Bank Corporation will increase its dividend to $0.28, making the yield 3.2%. The dividend is well-covered by earnings, with a payout ratio of 32%, and analysts estimate EPS growth of 15.4% over the next 3 years. The company has a solid track record of stable dividend growth, with distributions increasing from $0.24 annually in 2016 to $1.12. Independent Bank is considered a strong income stock due to its consistent dividend policy and growing earnings.