Analysts Anticipate Independent Bank Co.(MI) (NASDAQ:IBCP) Will Post Quarterly Sales of $42.62 Million

Wall Street analysts expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will announce sales of $42.62 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Independent Bank Co.(MI)’s earnings, with the lowest sales estimate coming in at $42.50 million and the highest estimate coming in at $42.70 million. Independent Bank Co.(MI) reported sales of $41.30 million in the same quarter last year, which would suggest a positive year over year growth rate of 3.2%. The company is expected to issue its next quarterly earnings results before the market opens on Thursday, July 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full year sales of $170.05 million for the current fiscal year, with estimates ranging from $169.40 million to $170.84 million. For the next year, analysts anticipate that the company will post sales of $182.11 million, with estimates ranging from $180.50 million to $183.72 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.07). The business had revenue of $40.20 million for the quarter, compared to the consensus estimate of $41.70 million. Independent Bank Co.(MI) had a return on equity of 12.33% and a net margin of 21.81%.



IBCP has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. Boenning Scattergood restated a “hold” rating on shares of American Water Works in a report on Thursday, May 2nd. Finally, BidaskClub upgraded shares of WhiteHorse Finance from a “sell” rating to a “hold” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Independent Bank Co.(MI) currently has a consensus rating of “Hold” and an average price target of $26.00.

NASDAQ IBCP traded up $0.17 during trading on Tuesday, reaching $21.65. 63,419 shares of the stock traded hands, compared to its average volume of 108,836. The company has a market capitalization of $508.19 million, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.44 and a beta of 0.41. The firm’s 50-day moving average is $21.68. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. Independent Bank Co has a fifty-two week low of $20.18 and a fifty-two week high of $26.00.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stone Ridge Asset Management LLC boosted its holdings in shares of Independent Bank Co.(MI) by 4.7% in the fourth quarter. Stone Ridge Asset Management LLC now owns 11,966 shares of the financial services provider’s stock valued at $252,000 after buying an additional 539 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Independent Bank Co.(MI) by 1,738.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,636 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,547 shares during the period. Advisor Group Inc. acquired a new position in shares of Independent Bank Co.(MI) in the fourth quarter valued at approximately $51,000. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Independent Bank Co.(MI) by 23.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 14,213 shares of the financial services provider’s stock valued at $306,000 after buying an additional 2,700 shares during the period. Finally, Globeflex Capital L P boosted its holdings in shares of Independent Bank Co.(MI) by 18.2% in the first quarter. Globeflex Capital L P now owns 21,278 shares of the financial services provider’s stock valued at $457,000 after buying an additional 3,278 shares during the period. Hedge funds and other institutional investors own 80.05% of the company’s stock.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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