Independent Bank (IBCP) Scheduled to Post Earnings on Thursday

Independent Bank (NASDAQ:IBCP) will release its earnings data before the market opens on Thursday, October 24th. Analysts expect Independent Bank to post earnings of $0.76 per share for the quarter. Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.71 by $0.17. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. The company had revenue of $81.51 million for the quarter, compared to analyst estimates of $53.50 million. During the same period in the prior year, the company earned $0.70 earnings per share. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Independent Bank Price Performance

NASDAQ:IBCP opened at $34.76 on Thursday. Independent Bank has a one year low of $16.90 and a one year high of $35.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $726.55 million, a price-to-earnings ratio of 11.82 and a beta of 0.99. The firm’s fifty day moving average is $32.97 and its two-hundred day moving average is $28.75.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, August 5th. Independent Bank’s payout ratio is currently 32.65%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $31.00 target price (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler increased their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th.

Insider Activity at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $32.76, for a total value of $32,760.00. Following the completion of the sale, the director now owns 5,563 shares in the company, valued at approximately $182,243.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

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.