Independent Bank Corporation (IBCP) Expected to Post Quarterly Sales of $33.36 Million

Equities research analysts expect that Independent Bank Corporation (NASDAQ:IBCP) will report $33.36 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Independent Bank Corporation’s earnings. The lowest sales estimate is $33.19 million and the highest is $33.70 million. Independent Bank Corporation reported sales of $31.71 million in the same quarter last year, which would suggest a positive year over year growth rate of 5.2%. The business is scheduled to issue its next earnings results before the market opens on Thursday, October 26th.

On average, analysts expect that Independent Bank Corporation will report full-year sales of $33.36 million for the current fiscal year, with estimates ranging from $130.10 million to $132.00 million. For the next financial year, analysts anticipate that the firm will report sales of $140.91 million per share, with estimates ranging from $137.80 million to $145.33 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Independent Bank Corporation.

Independent Bank Corporation (NASDAQ:IBCP) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The firm had revenue of $31.94 million for the quarter, compared to analysts’ expectations of $32.55 million.

A number of research analysts have recently issued reports on IBCP shares. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Wednesday, September 27th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research note on Thursday, July 27th. BidaskClub lowered shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. DA Davidson started coverage on shares of Independent Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target on the stock. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $22.00 price target on shares of Independent Bank Corporation in a research note 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 a consensus rating of “Hold” and an average target price of $22.67.

COPYRIGHT VIOLATION WARNING: This news story was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this news story on another publication, it was illegally copied and reposted in violation of United States and international copyright and trademark law. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/11/independent-bank-corporation-ibcp-expected-to-post-quarterly-sales-of-33-36-million.html.

Shares of Independent Bank Corporation (NASDAQ IBCP) opened at 22.75 on Wednesday. The stock has a market capitalization of $485.39 million, a price-to-earnings ratio of 20.29 and a beta of 0.55. Independent Bank Corporation has a 1-year low of $16.33 and a 1-year high of $23.65. The stock’s 50 day moving average is $20.95 and its 200 day moving average is $21.07.

A number of hedge funds have recently added to or reduced their stakes in IBCP. State Street Corp boosted its holdings in Independent Bank Corporation by 37.1% during the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after buying an additional 150,958 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Independent Bank Corporation by 24.8% during the second quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock worth $9,314,000 after buying an additional 85,186 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Independent Bank Corporation by 27.9% during the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock worth $7,481,000 after buying an additional 74,994 shares in the last quarter. Rothschild Asset Management Inc. boosted its holdings in Independent Bank Corporation by 76.1% during the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock worth $3,582,000 after buying an additional 71,188 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in Independent Bank Corporation during the second quarter worth about $1,338,000. 80.85% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Corporation Company Profile

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.

Get a free copy of the Zacks research repo

On average, analysts expect that Independent Bank Corporation will report full-year sales of $33.36 million for the current fiscal year, with estimates ranging from $130.10 million to $132.00 million. For the next financial year, analysts anticipate that the firm will report sales of $140.91 million per share, with estimates ranging from $137.80 million to $145.33 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Independent Bank Corporation.

Independent Bank Corporation (NASDAQ:IBCP) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The firm had revenue of $31.94 million for the quarter, compared to analysts’ expectations of $32.55 million.

A number of research analysts have recently issued reports on IBCP shares. Zacks Investment Research upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Wednesday, September 27th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research note on Thursday, July 27th. BidaskClub lowered shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. DA Davidson started coverage on shares of Independent Bank Corporation in a research note on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target on the stock. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $22.00 price target on shares of Independent Bank Corporation in a research note 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 a consensus rating of “Hold” and an average target price of $22.67.

COPYRIGHT VIOLATION WARNING: This news story was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this news story on another publication, it was illegally copied and reposted in violation of United States and international copyright and trademark law. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/11/independent-bank-corporation-ibcp-expected-to-post-quarterly-sales-of-33-36-million.html.

Shares of Independent Bank Corporation (NASDAQ IBCP) opened at 22.75 on Wednesday. The stock has a market capitalization of $485.39 million, a price-to-earnings ratio of 20.29 and a beta of 0.55. Independent Bank Corporation has a 1-year low of $16.33 and a 1-year high of $23.65. The stock’s 50 day moving average is $20.95 and its 200 day moving average is $21.07.

A number of hedge funds have recently added to or reduced their stakes in IBCP. State Street Corp boosted its holdings in Independent Bank Corporation by 37.1% during the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after buying an additional 150,958 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Independent Bank Corporation by 24.8% during the second quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock worth $9,314,000 after buying an additional 85,186 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Independent Bank Corporation by 27.9% during the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock worth $7,481,000 after buying an additional 74,994 shares in the last quarter. Rothschild Asset Management Inc. boosted its holdings in Independent Bank Corporation by 76.1% during the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock worth $3,582,000 after buying an additional 71,188 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in Independent Bank Corporation during the second quarter worth about $1,338,000. 80.85% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Corporation Company Profile

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.

Get a free copy of the Zacks research report on Independent Bank Corporation (IBCP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Independent Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply