Q4 Earnings Estimate for IBCP Issued By DA Davidson

Independent Bank Co. (NASDAQ:IBCP) – Investment analysts at DA Davidson issued their Q4 2024 earnings estimates for shares of Independent Bank in a research note issued to investors on Monday, October 28th. DA Davidson analyst P. Winter anticipates that the financial services provider will post earnings per share of $0.78 for the quarter. The consensus estimate for Independent Bank’s current full-year earnings is $3.13 per share.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. During the same quarter in the previous year, the firm earned $0.83 earnings per share.

A number of other equities analysts have also commented on IBCP. Piper Sandler raised their price target on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $31.00 target price (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th.

Independent Bank Stock Performance

Shares of IBCP stock opened at $33.21 on Tuesday. The firm’s 50 day moving average is $33.23 and its 200 day moving average is $29.37. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. Independent Bank has a 12 month low of $19.17 and a 12 month high of $35.97. The stock has a market capitalization of $694.16 million, a P/E ratio of 11.30 and a beta of 0.99.

Institutional Trading of Independent Bank

A number of hedge funds have recently bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Independent Bank during the third quarter worth approximately $27,000. CWM LLC grew its stake in shares of Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after buying an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,225 shares during the period. Comerica Bank purchased a new position in shares of Independent Bank in the first quarter worth about $173,000. Finally, Denali Advisors LLC lifted its stake in shares of Independent Bank by 64.2% in the 1st quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 3,400 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

Insider Activity

In related news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now directly owns 4,163 shares in the company, valued at approximately $136,754.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Tuesday, November 5th. Independent Bank’s payout ratio is 32.65%.

Independent Bank Company Profile

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.