Independent Bank (NASDAQ:IBCP) Releases Earnings Results

Independent Bank (NASDAQ:IBCP) issued its quarterly earnings data on Thursday. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10, Zacks reports. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%.

Independent Bank Stock Up 1.0 %

IBCP stock opened at $35.60 on Friday. The company has a market cap of $743.68 million, a price-to-earnings ratio of 12.11 and a beta of 1.03. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The firm has a 50-day moving average of $36.02 and a two-hundred day moving average of $34.14.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.26 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 2.92%. Independent Bank’s dividend payout ratio is presently 32.65%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a research report on Friday.

Insider Transactions at Independent Bank

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

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.