Independent Bank Co.(MI) (NASDAQ:IBCP) Expected to Announce Earnings of $0.57 Per Share

Wall Street analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post $0.57 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with estimates ranging from $0.53 to $0.64. Independent Bank Co.(MI) reported earnings per share of $0.41 in the same quarter last year, which indicates a positive year over year growth rate of 39%. The company is scheduled to report its next earnings results on Tuesday, February 4th.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full year earnings of $1.95 per share for the current year, with EPS estimates ranging from $1.89 to $2.04. For the next financial year, analysts forecast that the company will post earnings of $1.97 per share, with EPS estimates ranging from $1.89 to $2.02. Zacks’ earnings per share calculations are an average based on a survey of analysts that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $43.15 million during the quarter, compared to analyst estimates of $42.73 million. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%.

A number of brokerages recently weighed in on IBCP. BidaskClub downgraded shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Saturday. ValuEngine raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Thursday, October 10th.

Shares of NASDAQ:IBCP traded down $0.06 during mid-day trading on Tuesday, hitting $22.62. The company had a trading volume of 37,900 shares, compared to its average volume of 103,852. The firm has a fifty day moving average price of $21.68 and a 200 day moving average price of $21.26. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.92. The company has a market capitalization of $517.97 million, a PE ratio of 13.46 and a beta of 0.51. Independent Bank Co has a one year low of $18.94 and a one year high of $23.93.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Wednesday, November 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 42.86%.

Several large investors have recently modified their holdings of the stock. First Trust Advisors LP boosted its holdings in shares of Independent Bank Co.(MI) by 8.1% in the 3rd quarter. First Trust Advisors LP now owns 64,123 shares of the financial services provider’s stock worth $1,367,000 after buying an additional 4,816 shares during the last quarter. Creative Planning purchased a new stake in Independent Bank Co.(MI) during the third quarter valued at about $810,000. Russell Investments Group Ltd. lifted its holdings in Independent Bank Co.(MI) by 16.5% during the third quarter. Russell Investments Group Ltd. now owns 887,672 shares of the financial services provider’s stock valued at $18,921,000 after purchasing an additional 125,967 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Independent Bank Co.(MI) by 30.7% during the third quarter. California Public Employees Retirement System now owns 77,953 shares of the financial services provider’s stock valued at $1,662,000 after purchasing an additional 18,309 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Independent Bank Co.(MI) by 72.3% during the third quarter. Rhumbline Advisers now owns 54,604 shares of the financial services provider’s stock valued at $1,164,000 after purchasing an additional 22,917 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

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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