FY2017 EPS Estimates for Independent Bank Corporation (IBCP) Increased by Analyst

Independent Bank Corporation (NASDAQ:IBCP) – FIG Partners boosted their FY2017 earnings per share estimates for shares of Independent Bank Corporation in a note issued to investors on Monday. FIG Partners analyst J. Rodis now anticipates that the financial services provider will post earnings of $1.21 per share for the year, up from their prior estimate of $1.20. FIG Partners also issued estimates for Independent Bank Corporation’s Q4 2017 earnings at $0.35 EPS, Q2 2018 earnings at $0.36 EPS, Q3 2018 earnings at $0.38 EPS, Q4 2018 earnings at $0.36 EPS and FY2018 earnings at $1.41 EPS.

Several other equities analysts also recently weighed in on IBCP. BidaskClub downgraded Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Wednesday, September 27th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $22.00 target price on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Independent Bank Corporation has an average rating of “Hold” and a consensus target price of $22.67.

TRADEMARK VIOLATION WARNING: “FY2017 EPS Estimates for Independent Bank Corporation (IBCP) Increased by Analyst” was first reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece on another domain, it was copied illegally and reposted in violation of international copyright & trademark laws. The legal version of this piece can be accessed at https://www.com-unik.info/2017/11/03/fy2017-eps-estimates-for-independent-bank-corporation-ibcp-increased-by-analyst.html. Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.01). The business had revenue of $33.22 million for the quarter, compared to the consensus estimate of $33.36 million. Independent Bank Corporation had a net margin of 17.75% and a return on equity of 9.63%.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, November 6th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.09%. This is an increase from Independent Bank Corporation’s previous quarterly dividend of $0.10. Independent Bank Corporation’s payout ratio is currently 35.09%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBCP. Legal & General Group Plc increased its position in shares of Independent Bank Corporation by 0.7% during the 1st quarter. Legal & General Group Plc now owns 5,616 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 41 shares during the last quarter. American International Group Inc. increased its position in shares of Independent Bank Corporation by 7.1% during the 1st quarter. American International Group Inc. now owns 12,533 shares of the financial services provider’s stock valued at $259,000 after purchasing an additional 826 shares during the last quarter. Sei Investments Co. bought a new position in shares of Independent Bank Corporation during the 2nd quarter valued at approximately $268,000. Alliancebernstein L.P. bought a new position in shares of Independent Bank Corporation during the 2nd quarter valued at approximately $298,000. Finally, Voya Investment Management LLC increased its position in shares of Independent Bank Corporation by 7.7% during the 2nd quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock valued at $377,000 after purchasing an additional 1,243 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

About Independent Bank Corporation

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Earnings History and Estimates for Independent Bank Corporation (NASDAQ:IBCP)

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