Independent Bank Co.(MI) (IBCP) Expected to Post Earnings of $0.47 Per Share

Analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post earnings of $0.47 per share for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings. The lowest EPS estimate is $0.47 and the highest is $0.48. Independent Bank Co.(MI) reported earnings of $0.35 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 34.3%. The business is scheduled to announce its next quarterly earnings results on Tuesday, January 29th.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.76 per share for the current financial year. For the next financial year, analysts expect that the firm will post earnings of $1.98 per share, with EPS estimates ranging from $1.85 to $2.08. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, October 25th. The financial services provider reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.04. The company had revenue of $41.53 million for the quarter, compared to the consensus estimate of $40.69 million. Independent Bank Co.(MI) had a return on equity of 12.75% and a net margin of 18.87%.

A number of research firms have recently weighed in on IBCP. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a report on Friday, October 26th. BidaskClub cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Zacks Investment Research cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Wednesday, October 31st. DA Davidson raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Monday, October 1st. Finally, ValuEngine cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Independent Bank Co.(MI) presently has an average rating of “Hold” and an average price target of $25.50.

IBCP traded up $0.30 during trading on Tuesday, reaching $22.98. 68,330 shares of the stock were exchanged, compared to its average volume of 88,196. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.93 and a current ratio of 0.95. The company has a market cap of $553.96 million, a price-to-earnings ratio of 18.84, a PEG ratio of 1.63 and a beta of 0.21. Independent Bank Co has a 1 year low of $21.11 and a 1 year high of $27.10.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Monday, November 5th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, November 2nd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.61%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is 49.18%.

In other news, EVP Larry R. Daniel, Jr. sold 1,573 shares of the business’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $22.00, for a total value of $34,606.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael M. Magee, Jr. sold 15,000 shares of the business’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total value of $372,000.00. Following the completion of the transaction, the director now directly owns 34,814 shares of the company’s stock, valued at $863,387.20. The disclosure for this sale can be found here. Insiders own 2.22% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new position in Independent Bank Co.(MI) in the third quarter valued at $208,000. Mackay Shields LLC acquired a new position in Independent Bank Co.(MI) in the second quarter valued at $242,000. Baird Financial Group Inc. acquired a new position in Independent Bank Co.(MI) in the second quarter valued at $243,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Independent Bank Co.(MI) in the third quarter valued at $227,000. Finally, Allianz Asset Management GmbH acquired a new position in Independent Bank Co.(MI) in the third quarter valued at $229,000. Hedge funds and other institutional investors own 77.59% of the company’s stock.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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