Equities analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to announce sales of $33.69 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings, with the lowest sales estimate coming in at $33.30 million and the highest estimate coming in at $34.28 million. Independent Bank Co.(MI) reported sales of $31.81 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.9%. The business is scheduled to announce its next earnings report on Monday, April 23rd.
According to Zacks, analysts expect that Independent Bank Co.(MI) will report full-year sales of $33.69 million for the current year, with estimates ranging from $147.70 million to $156.19 million. For the next year, analysts expect that the business will report sales of $170.88 million per share, with estimates ranging from $165.60 million to $178.03 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Independent Bank Co.(MI).
Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The business had revenue of $34.76 million during the quarter, compared to the consensus estimate of $34.23 million. Independent Bank Co.(MI) had a net margin of 14.54% and a return on equity of 10.10%.
Hedge funds have recently added to or reduced their stakes in the business. Ramsey Quantitative Systems purchased a new stake in Independent Bank Co.(MI) in the 4th quarter worth approximately $125,000. SG Americas Securities LLC purchased a new stake in Independent Bank Co.(MI) in the 3rd quarter worth approximately $149,000. Stone Ridge Asset Management LLC purchased a new stake in Independent Bank Co.(MI) in the 4th quarter worth approximately $255,000. MetLife Investment Advisors LLC purchased a new stake in Independent Bank Co.(MI) in the 4th quarter worth approximately $265,000. Finally, Alliancebernstein L.P. purchased a new stake in Independent Bank Co.(MI) in the 2nd quarter worth approximately $298,000. Institutional investors own 82.09% of the company’s stock.
Shares of Independent Bank Co (NASDAQ:IBCP) traded up $0.20 during trading hours on Wednesday, hitting $23.50. 53,120 shares of the company traded hands, compared to its average volume of 104,630. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.40. The stock has a market cap of $497.08, a P/E ratio of 24.74, a PEG ratio of 1.79 and a beta of 0.24. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $24.20.
Independent Bank Co.(MI) announced that its board has initiated a share repurchase program on Tuesday, January 30th that authorizes the company to repurchase 500% of shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, February 7th were given a $0.15 dividend. This is an increase from Independent Bank Co.(MI)’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, February 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.55%. Independent Bank Co.(MI)’s dividend payout ratio is presently 63.16%.
About Independent Bank Co.(MI)
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.
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