What is DA Davidson’s Forecast for IBCP Q4 Earnings?

Independent Bank Co. (NASDAQ:IBCP) – Stock analysts at DA Davidson issued their Q4 2024 earnings per share estimates for Independent Bank in a research note issued to investors on Monday, October 28th. DA Davidson analyst P. Winter expects that the financial services provider will post earnings per share of $0.78 for the quarter. The consensus estimate for Independent Bank’s current full-year earnings is $3.13 per share.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The company had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. During the same quarter in the previous year, the company earned $0.83 earnings per share.

IBCP has been the subject of several other reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler increased their target price on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th.

Independent Bank Stock Up 1.0 %

Shares of NASDAQ IBCP opened at $33.55 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $701.26 million, a PE ratio of 11.41 and a beta of 0.99. The firm has a fifty day moving average of $33.25 and a 200-day moving average of $29.40. Independent Bank has a 52-week low of $19.66 and a 52-week high of $35.97.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.86%. Independent Bank’s dividend payout ratio is currently 32.65%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares in the company, valued at $136,754.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $3,147,000. Acadian Asset Management LLC lifted its position in shares of Independent Bank by 52.0% in the 1st quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider’s stock worth $8,399,000 after buying an additional 113,408 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Independent Bank by 75.8% in the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock valued at $4,698,000 after buying an additional 75,022 shares during the period. American Century Companies Inc. grew its position in shares of Independent Bank by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider’s stock valued at $11,220,000 after buying an additional 59,794 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Independent Bank by 86.6% during the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock worth $2,768,000 after acquiring an additional 50,681 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

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.