Research Analysts Set Expectations for IBCP FY2024 Earnings

Independent Bank Co. (NASDAQ:IBCP) – Equities researchers at DA Davidson lowered their FY2024 EPS estimates for Independent Bank in a research note issued on Monday, October 28th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $2.99 per share for the year, down from their prior estimate of $3.14. The consensus estimate for Independent Bank’s current full-year earnings is $3.13 per share. DA Davidson also issued estimates for Independent Bank’s FY2025 earnings at $3.12 EPS.

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

Independent Bank Price Performance

Shares of NASDAQ:IBCP opened at $33.55 on Wednesday. The firm has a market cap of $701.26 million, a PE ratio of 11.41 and a beta of 0.99. The firm’s fifty day moving average is $33.25 and its 200-day moving average is $29.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank has a 52 week low of $19.66 and a 52 week high of $35.97.

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

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank’s dividend payout ratio is presently 32.65%.

Insider Buying and Selling

In related news, Director Christina Keller sold 1,000 shares of Independent Bank stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $32.76, for a total transaction of $32,760.00. Following the completion of the transaction, the director now owns 5,563 shares of the company’s stock, valued at $182,243.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC bought a new stake in Independent Bank in the third quarter valued at $27,000. CWM LLC increased its position in shares of Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,025 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Independent Bank by 36.8% during the third quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider’s stock worth $522,000 after acquiring an additional 4,210 shares in the last quarter. Truist Financial Corp increased its position in shares of Independent Bank by 8.4% during the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Creative Planning increased its position in shares of Independent Bank by 5.4% during the second quarter. Creative Planning now owns 43,174 shares of the financial services provider’s stock worth $1,166,000 after acquiring an additional 2,209 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

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.