Independent Bank (IBCP) Projected to Post Quarterly Earnings on Thursday

Independent Bank (NASDAQ:IBCP) is expected to post its quarterly earnings results before the market opens on Thursday, January 23rd. Analysts expect Independent Bank to post earnings of $0.77 per share and revenue of $48,936.00 billion for the quarter.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The firm had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same period last year, the company posted $0.83 earnings per share. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Independent Bank Stock Performance

IBCP opened at $34.90 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market cap of $729.20 million, a price-to-earnings ratio of 11.87 and a beta of 1.03. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32. The firm’s fifty day simple moving average is $36.50 and its two-hundred day simple moving average is $33.75.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.98%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, February 4th. Independent Bank’s dividend payout ratio is 35.37%.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr acquired 800 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price objective on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.