Independent Bank (IBCP) to Release Quarterly Earnings on Thursday

Independent Bank (NASDAQ:IBCP) is scheduled to be posting its quarterly earnings results before the market opens on Thursday, October 24th. Analysts expect Independent Bank to post earnings of $0.76 per share for the quarter. Parties interested in registering for the company’s 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. The business had revenue of $81.51 million for the quarter, compared to the consensus estimate of $53.50 million. During the same period in the prior year, the business posted $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 $33.02 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The stock’s 50-day moving average is $33.11 and its two-hundred day moving average is $28.92. The firm has a market cap of $690.18 million, a P/E ratio of 11.26 and a beta of 0.99. Independent Bank has a fifty-two week low of $16.90 and a fifty-two week high of $35.97.

Insider Transactions at Independent Bank

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IBCP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 price objective (up from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler upped their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th.

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.