Analysts expect that Independent Bank Corporation (NASDAQ:IBCP) will post earnings per share of $0.33 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Independent Bank Corporation’s earnings, with the highest EPS estimate coming in at $0.34 and the lowest estimate coming in at $0.33. Independent Bank Corporation reported earnings of $0.27 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 22.2%. The firm is scheduled to issue its next earnings results on Thursday, January 25th.
According to Zacks, analysts expect that Independent Bank Corporation will report full year earnings of $1.20 per share for the current year, with EPS estimates ranging from $1.18 to $1.21. For the next fiscal year, analysts forecast that the firm will report earnings of $1.37 per share, with EPS estimates ranging from $1.33 to $1.44. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Independent Bank Corporation.
Independent Bank Corporation (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01). Independent Bank Corporation had a net margin of 17.75% and a return on equity of 9.63%. The business had revenue of $33.22 million during the quarter, compared to analyst estimates of $33.36 million.
A number of research firms have recently commented on IBCP. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Corporation in a research note on Friday. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $22.00 target price on shares of Independent Bank Corporation in a report on Wednesday, October 4th. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, September 27th. BidaskClub lowered Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Finally, DA Davidson began coverage on Independent Bank Corporation in a report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Independent Bank Corporation has a consensus rating of “Hold” and a consensus target price of $22.67.
Shares of Independent Bank Corporation (NASDAQ IBCP) traded up 3.58% during trading on Friday, reaching $23.15. The company’s stock had a trading volume of 74,551 shares. Independent Bank Corporation has a 52-week low of $16.45 and a 52-week high of $23.65. The stock has a market cap of $493.93 million, a price-to-earnings ratio of 20.65 and a beta of 0.55. The stock’s 50 day moving average price is $21.75 and its 200-day moving average price is $21.26.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be issued a $0.12 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.07%. This is a positive change from Independent Bank Corporation’s previous quarterly dividend of $0.10. Independent Bank Corporation’s payout ratio is presently 35.09%.
A number of large investors have recently added to or reduced their stakes in IBCP. State Street Corp grew 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 valued at $12,125,000 after purchasing an additional 150,958 shares during the period. JPMorgan Chase & Co. grew 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 valued at $9,314,000 after purchasing an additional 85,186 shares during the period. Russell Investments Group Ltd. grew 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 valued at $7,481,000 after purchasing an additional 74,994 shares during the period. Rothschild Asset Management Inc. grew 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 valued at $3,582,000 after purchasing an additional 71,188 shares during the period. Finally, Mckinley Capital Management LLC Delaware bought a new stake in Independent Bank Corporation during the second quarter valued at about $1,338,000. 80.77% of the stock is owned by institutional investors and hedge funds.
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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.
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