What is DA Davidson’s Estimate for IBCP FY2024 Earnings?

Independent Bank Co. (NASDAQ:IBCP) – Equities researchers at DA Davidson decreased their FY2024 EPS estimates for shares of Independent Bank in a research report issued to clients and investors on Monday, October 28th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $2.99 per share for the year, down from their previous estimate of $3.14. The consensus estimate for Independent Bank’s current full-year earnings is $3.13 per share. DA Davidson also issued estimates for Independent Bank’s FY2025 earnings at $3.12 EPS.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates 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 prior year, the company earned $0.83 EPS.

Several other research firms have also commented on IBCP. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler increased their target price 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.

Independent Bank Trading Down 2.3 %

Shares of NASDAQ IBCP opened at $32.78 on Wednesday. Independent Bank has a 1-year low of $19.66 and a 1-year high of $35.97. The business has a fifty day moving average price of $33.26 and a 200 day moving average price of $29.43. The stock has a market capitalization of $685.17 million, a P/E ratio of 11.15 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. Independent Bank’s payout ratio is 32.65%.

Insider Activity

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IBCP. Denali Advisors LLC boosted its holdings in shares of Independent Bank by 64.2% in the 1st quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 3,400 shares during the last quarter. Principal Financial Group Inc. grew its position in Independent Bank by 12.5% during the 1st quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock worth $6,848,000 after purchasing an additional 29,977 shares during the period. BNP Paribas Financial Markets grew its position in Independent Bank by 41.3% during the 1st quarter. BNP Paribas Financial Markets now owns 44,650 shares of the financial services provider’s stock worth $1,132,000 after purchasing an additional 13,055 shares during the period. Empowered Funds LLC raised its stake in shares of Independent Bank by 8.1% during the 1st quarter. Empowered Funds LLC now owns 83,179 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 6,267 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Independent Bank by 86.6% in the 1st quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock valued at $2,768,000 after buying an additional 50,681 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Company Profile

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.