DA Davidson Weighs in on Independent Bank Co.(MI)’s Q3 2020 Earnings (NASDAQ:IBCP)

Independent Bank Co.(MI) (NASDAQ:IBCP) – Analysts at DA Davidson issued their Q3 2020 EPS estimates for shares of Independent Bank Co.(MI) in a report released on Wednesday, July 29th. DA Davidson analyst R. Gunther expects that the financial services provider will post earnings of $0.43 per share for the quarter. DA Davidson also issued estimates for Independent Bank Co.(MI)’s FY2020 earnings at $2.10 EPS.

Other equities analysts have also issued reports about the company. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Thursday, May 28th. Piper Sandler restated a “buy” rating on shares of Independent Bank Co.(MI) in a research report on Tuesday, May 26th. Finally, BidaskClub lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Friday, July 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Independent Bank Co.(MI) currently has an average rating of “Hold” and an average target price of $24.00.

Shares of Independent Bank Co.(MI) stock opened at $13.97 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $305.69 million, a PE ratio of 6.85 and a beta of 0.95. The business’s 50-day moving average price is $13.85 and its 200-day moving average price is $15.97. Independent Bank Co has a 12 month low of $9.19 and a 12 month high of $23.93.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.25 by $0.42. The firm had revenue of $50.83 million for the quarter, compared to analyst estimates of $46.45 million. Independent Bank Co.(MI) had a return on equity of 13.42% and a net margin of 22.58%.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.73%. Independent Bank Co.(MI)’s dividend payout ratio is currently 40.00%.

In other news, EVP Stefanie M. Kimball sold 2,900 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $16.47, for a total value of $47,763.00. Following the sale, the executive vice president now directly owns 62,209 shares in the company, valued at approximately $1,024,582.23. The sale was disclosed in a filing with the SEC, which is available through this link. 4.44% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of IBCP. Acadian Asset Management LLC grew its position in shares of Independent Bank Co.(MI) by 65.1% in the 1st quarter. Acadian Asset Management LLC now owns 592,494 shares of the financial services provider’s stock worth $7,626,000 after buying an additional 233,563 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Independent Bank Co.(MI) by 5.7% in the 1st quarter. BlackRock Inc. now owns 2,051,285 shares of the financial services provider’s stock valued at $26,401,000 after purchasing an additional 110,041 shares during the period. Federated Hermes Inc. lifted its stake in shares of Independent Bank Co.(MI) by 2,372.0% in the 1st quarter. Federated Hermes Inc. now owns 112,647 shares of the financial services provider’s stock valued at $1,450,000 after purchasing an additional 108,090 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Independent Bank Co.(MI) by 80.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 213,887 shares of the financial services provider’s stock valued at $4,844,000 after purchasing an additional 95,504 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in shares of Independent Bank Co.(MI) by 84.7% in the 1st quarter. Two Sigma Advisers LP now owns 172,304 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 79,000 shares during the period. Hedge funds and other institutional investors own 81.31% of the company’s stock.

Independent Bank Co.(MI) Company Profile

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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