Wall Street analysts predict that Independent Bank Co.(MI) (NASDAQ:IBCP) will post $43.92 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Independent Bank Co.(MI)’s earnings, with estimates ranging from $43.73 million to $44.10 million. Independent Bank Co.(MI) posted sales of $39.62 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 10.9%. The business is scheduled to issue its next quarterly earnings results before the market opens on Thursday, January 23rd.
On average, 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 business will report sales of $173.84 million, with estimates ranging from $171.60 million to $176.07 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Independent Bank Co.(MI).
Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.04. The firm had revenue of $43.15 million during the quarter, compared to analyst estimates of $42.73 million. Independent Bank Co.(MI) had a return on equity of 12.55% and a net margin of 22.42%.
IBCP stock traded down $0.28 during trading on Friday, hitting $21.88. 18,655 shares of the company’s stock traded hands, compared to its average volume of 62,995. The stock has a market capitalization of $502.46 million, a price-to-earnings ratio of 13.02 and a beta of 0.51. Independent Bank Co has a 52 week low of $18.94 and a 52 week high of $23.93. The stock has a fifty day moving average price of $22.30 and a two-hundred day moving average price of $21.37. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 0.30.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Wednesday, November 6th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.29%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is presently 42.86%.
In related news, EVP Robert N. Shuster sold 8,264 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $22.39, for a total value of $185,030.96. Following the completion of the transaction, the executive vice president now directly owns 58,088 shares of the company’s stock, valued at approximately $1,300,590.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.22% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of IBCP. Ackerman Capital Advisors LLC acquired a new stake in Independent Bank Co.(MI) in the second quarter worth about $190,096,000. Regal Investment Advisors LLC increased its stake in shares of Independent Bank Co.(MI) by 31.9% during the second quarter. Regal Investment Advisors LLC now owns 18,961 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 4,584 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Independent Bank Co.(MI) by 35.8% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,297 shares of the financial services provider’s stock valued at $420,000 after acquiring an additional 5,084 shares during the period. Aperio Group LLC bought a new stake in Independent Bank Co.(MI) during the second quarter worth approximately $135,000. Finally, Meeder Asset Management Inc. raised its holdings in Independent Bank Co.(MI) by 55.8% during the second quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock worth $155,000 after purchasing an additional 2,542 shares in the last quarter. Hedge funds and other institutional investors own 80.93% 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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