Independent Bank (IBCP) Expected to Announce Quarterly Earnings on Thursday

Independent Bank (NASDAQ:IBCP) is expected to announce its earnings results before the market opens on Thursday, January 23rd. Analysts expect the company to announce earnings of $0.77 per share and revenue of $48,936.00 billion for the quarter. Parties interested in participating in the company’s conference call can do so using this link.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The business had revenue of $77.84 million during the quarter, compared to analysts’ expectations of $55.05 million. During the same quarter last year, the firm earned $0.83 EPS. 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

IBCP opened at $34.42 on Tuesday. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32. The company’s 50 day simple moving average is $36.25 and its 200 day simple moving average is $33.99. The stock has a market capitalization of $719.03 million, a PE ratio of 11.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 3.02%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

Insider Activity at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 5.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their price objective on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

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.