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

Wall Street brokerages expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will announce $0.57 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Independent Bank Co.(MI)’s earnings. The highest EPS estimate is $0.64 and the lowest is $0.53. Independent Bank Co.(MI) posted earnings per share of $0.41 during the same quarter last year, which would suggest a positive year over year growth rate of 39%. The company is expected to announce its next quarterly earnings results before the market opens on Thursday, January 23rd.

On average, 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 anticipate that the company will report earnings of $1.97 per share, with EPS estimates ranging from $1.89 to $2.02. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Independent Bank Co.(MI).

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

Several brokerages have weighed in on IBCP. Zacks Investment Research downgraded shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Thursday, December 26th. ValuEngine upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. DA Davidson reiterated a “buy” rating on shares of Independent Bank Co.(MI) in a research note on Monday, November 18th. Finally, BidaskClub downgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $26.00.

Shares of IBCP opened at $22.59 on Friday. The company has a market cap of $500.33 million, a price-to-earnings ratio of 13.45 and a beta of 0.51. Independent Bank Co has a twelve month low of $18.94 and a twelve month high of $23.93. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $22.45 and a two-hundred day moving average of $21.55.

In other news, EVP Robert N. Shuster sold 8,264 shares of Independent Bank Co.(MI) stock in a transaction on Monday, November 18th. The shares were sold at an average price of $22.39, for a total transaction of $185,030.96. Following the completion of the sale, the executive vice president now directly owns 58,088 shares in the company, valued at $1,300,590.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.22% of the company’s stock.

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Independent Bank Co.(MI) by 8.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 54,312 shares of the financial services provider’s stock worth $1,184,000 after buying an additional 4,264 shares during the period. Quantamental Technologies LLC increased its holdings in shares of Independent Bank Co.(MI) by 136.7% in the second quarter. Quantamental Technologies LLC now owns 1,851 shares of the financial services provider’s stock worth $40,000 after buying an additional 1,069 shares during the period. A.R.T. Advisors LLC purchased a new position in shares of Independent Bank Co.(MI) in the second quarter worth about $261,000. Invesco Ltd. increased its holdings in shares of Independent Bank Co.(MI) by 1.0% in the second quarter. Invesco Ltd. now owns 154,533 shares of the financial services provider’s stock worth $3,367,000 after buying an additional 1,505 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Independent Bank Co.(MI) in the second quarter worth about $242,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

About Independent Bank Co.(MI)

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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