Wall Street analysts expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will report $43.92 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Independent Bank Co.(MI)’s earnings. The lowest sales estimate is $43.73 million and the highest is $44.10 million. Independent Bank Co.(MI) posted sales of $39.62 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 10.9%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, February 4th.
According to Zacks, analysts expect that Independent Bank Co.(MI) will report full year sales of $167.73 million for the current year, with estimates ranging from $167.35 million to $168.10 million. For the next fiscal year, analysts expect that the company will report sales of $173.84 million, with estimates ranging from $171.60 million to $176.07 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Independent Bank Co.(MI).
Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.04. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. The business had revenue of $43.15 million during the quarter, compared to analysts’ expectations of $42.73 million.
IBCP traded down $0.06 on Thursday, hitting $22.62. 37,900 shares of the stock were exchanged, compared to its average volume of 103,852. The firm has a market capitalization of $517.97 million, a price-to-earnings ratio of 13.46 and a beta of 0.51. The business has a 50-day moving average of $21.68 and a two-hundred day moving average of $21.26. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.92. Independent Bank Co has a 12 month low of $18.94 and a 12 month high of $23.93.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Wednesday, November 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is 42.86%.
Several hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its position in shares of Independent Bank Co.(MI) by 16.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 887,672 shares of the financial services provider’s stock worth $18,921,000 after buying an additional 125,967 shares during the period. LSV Asset Management grew its position in shares of Independent Bank Co.(MI) by 3.2% during the 2nd quarter. LSV Asset Management now owns 769,300 shares of the financial services provider’s stock worth $16,763,000 after buying an additional 24,100 shares during the period. Wells Fargo & Company MN grew its position in shares of Independent Bank Co.(MI) by 68.0% during the 2nd quarter. Wells Fargo & Company MN now owns 437,488 shares of the financial services provider’s stock worth $9,532,000 after buying an additional 177,031 shares during the period. Jacobs Asset Management LLC acquired a new stake in shares of Independent Bank Co.(MI) during the 2nd quarter worth approximately $7,157,000. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Independent Bank Co.(MI) during the 2nd quarter worth approximately $6,719,000. 76.48% of the stock is owned by institutional investors.
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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