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

Independent Bank (NASDAQ:IBCP) will likely be announcing its earnings results before the market opens on Thursday, January 23rd. Analysts expect the company to announce earnings of $0.77 per share and revenue of $48,936.00 billion for the quarter.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). The business 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 quarter in the prior year, the business earned $0.83 EPS. 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 Trading Up 2.8 %

Shares of Independent Bank stock opened at $34.90 on Thursday. The company’s fifty day simple moving average is $36.50 and its 200-day simple moving average is $33.75. The stock has a market capitalization of $729.20 million, a PE ratio of 11.87 and a beta of 1.03. Independent Bank has a 1-year low of $22.53 and a 1-year high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank Increases Dividend

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

Insider Transactions at Independent Bank

In other news, EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the purchase, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.45% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.