Piper Sandler Comments on Independent Bank Co.(MI)’s Q1 2021 Earnings (NASDAQ:IBCP)

Independent Bank Co.(MI) (NASDAQ:IBCP) – Equities researchers at Piper Sandler lowered their Q1 2021 earnings per share (EPS) estimates for shares of Independent Bank Co.(MI) in a research report issued on Tuesday, March 24th. Piper Sandler analyst B. Nosal now expects that the financial services provider will post earnings of $0.26 per share for the quarter, down from their prior forecast of $0.37. Piper Sandler also issued estimates for Independent Bank Co.(MI)’s Q2 2021 earnings at $0.33 EPS, Q3 2021 earnings at $0.36 EPS and Q4 2021 earnings at $0.37 EPS.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Tuesday, March 17th. Boenning Scattergood reissued a “neutral” rating on shares of Independent Bank Co.(MI) in a report on Tuesday, January 14th. TheStreet cut Independent Bank Co.(MI) from a “b-” rating to a “c+” rating in a report on Friday, March 13th. BidaskClub cut Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a report on Thursday, March 12th. Finally, ValuEngine raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $24.00.

Shares of IBCP opened at $12.77 on Thursday. The stock has a 50-day moving average of $18.34 and a two-hundred day moving average of $21.10. Independent Bank Co has a one year low of $9.19 and a one year high of $23.93. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market cap of $260.23 million, a P/E ratio of 6.35 and a beta of 0.54.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The firm had revenue of $46.31 million during the quarter, compared to analysts’ expectations of $44.21 million. Independent Bank Co.(MI) had a return on equity of 13.60% and a net margin of 23.61%.

A number of large investors have recently bought and sold shares of IBCP. Millennium Management LLC grew its position in shares of Independent Bank Co.(MI) by 214.7% in the third quarter. Millennium Management LLC now owns 331,496 shares of the financial services provider’s stock valued at $7,065,000 after purchasing an additional 226,158 shares in the last quarter. FMR LLC lifted its holdings in Independent Bank Co.(MI) by 143.5% in the fourth quarter. FMR LLC now owns 177,885 shares of the financial services provider’s stock valued at $4,029,000 after acquiring an additional 104,834 shares during the last quarter. Bank of Montreal Can lifted its holdings in Independent Bank Co.(MI) by 184.9% in the fourth quarter. Bank of Montreal Can now owns 157,103 shares of the financial services provider’s stock valued at $3,559,000 after acquiring an additional 101,952 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Independent Bank Co.(MI) by 80.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 213,887 shares of the financial services provider’s stock valued at $4,844,000 after acquiring an additional 95,504 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Independent Bank Co.(MI) by 25.7% in the fourth quarter. Acadian Asset Management LLC now owns 358,931 shares of the financial services provider’s stock valued at $8,128,000 after acquiring an additional 73,329 shares during the last quarter. Institutional investors own 82.94% of the company’s stock.

In other news, Director Matthew J. Missad acquired 3,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was bought at an average cost of $16.24 per share, for a total transaction of $48,720.00. Following the purchase, the director now owns 7,326 shares in the company, valued at $118,974.24. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Patrick J. Ervin acquired 1,500 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were purchased at an average price of $16.87 per share, with a total value of $25,305.00. In the last 90 days, insiders purchased 5,967 shares of company stock valued at $94,928. 4.44% of the stock is owned by company insiders.

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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