Wall Street analysts predict that Independent Bank (NASDAQ:IBCP) will post earnings of $0.39 per share for the current quarter, Zacks reports. Three analysts have provided estimates for Independent Bank’s earnings, with estimates ranging from $0.37 to $0.40. Independent Bank posted earnings of $0.27 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 44.4%. The business is scheduled to announce its next quarterly earnings results on Thursday, July 26th.
According to Zacks, analysts expect that Independent Bank will report full year earnings of $1.65 per share for the current fiscal year, with EPS estimates ranging from $1.62 to $1.67. For the next fiscal year, analysts forecast that the firm will post earnings of $1.99 per share, with EPS estimates ranging from $1.85 to $2.18. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Independent Bank.
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Independent Bank (NASDAQ:IBCP) last announced its earnings results on Monday, April 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Independent Bank had a return on equity of 10.81% and a net margin of 16.27%. The firm had revenue of $35.46 million for the quarter, compared to analyst estimates of $33.69 million. During the same quarter last year, the firm posted $0.28 EPS.
A number of research analysts have recently issued reports on the company. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank in a research report on Tuesday, April 24th. Hovde Group set a $26.00 target price on Independent Bank and gave the company a “hold” rating in a research report on Tuesday, April 24th. ValuEngine upgraded Independent Bank from a “hold” rating to a “buy” rating in a report on Tuesday, April 24th. BidaskClub upgraded Independent Bank from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Thursday, April 26th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $25.25.
In other Independent Bank news, insider Stefanie M. Kimball sold 1,824 shares of the firm’s stock in a transaction on Monday, April 30th. The stock was sold at an average price of $24.24, for a total value of $44,213.76. Following the completion of the sale, the insider now directly owns 58,868 shares of the company’s stock, valued at approximately $1,426,960.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert N. Shuster sold 1,447 shares of the firm’s stock in a transaction on Friday, April 27th. The stock was sold at an average price of $24.60, for a total value of $35,596.20. Following the completion of the sale, the insider now directly owns 62,014 shares of the company’s stock, valued at $1,525,544.40. The disclosure for this sale can be found here. Insiders sold a total of 5,095 shares of company stock worth $124,607 in the last 90 days. 2.22% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN increased its stake in shares of Independent Bank by 34.8% in the 4th quarter. Wells Fargo & Company MN now owns 173,353 shares of the financial services provider’s stock worth $3,877,000 after acquiring an additional 44,790 shares during the last quarter. Ramsey Quantitative Systems acquired a new stake in shares of Independent Bank in the 4th quarter worth $125,000. Millennium Management LLC increased its stake in shares of Independent Bank by 97.4% in the 4th quarter. Millennium Management LLC now owns 541,356 shares of the financial services provider’s stock worth $12,099,000 after acquiring an additional 267,084 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Independent Bank by 6.1% in the 4th quarter. Victory Capital Management Inc. now owns 80,286 shares of the financial services provider’s stock worth $1,794,000 after acquiring an additional 4,586 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Independent Bank by 8.3% in the 4th quarter. Renaissance Technologies LLC now owns 897,891 shares of the financial services provider’s stock worth $20,068,000 after acquiring an additional 69,191 shares during the last quarter. 71.47% of the stock is owned by institutional investors and hedge funds.
Shares of Independent Bank traded up $0.05, reaching $25.50, during midday trading on Friday, MarketBeat reports. 97,561 shares of the company’s stock traded hands, compared to its average volume of 111,844. Independent Bank has a 1 year low of $18.50 and a 1 year high of $25.75. The firm has a market capitalization of $608.69 million, a price-to-earnings ratio of 20.94, a price-to-earnings-growth ratio of 1.91 and a beta of 0.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.86.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 15th. Shareholders of record on Monday, May 7th were issued a $0.15 dividend. The ex-dividend date was Friday, May 4th. This represents a $0.60 dividend on an annualized basis and a yield of 2.35%. Independent Bank’s payout ratio is currently 49.18%.
Independent Bank declared that its Board of Directors has authorized a share repurchase plan on Tuesday, January 30th that permits the company to repurchase 500% of outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
About Independent Bank
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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