Independent Bank (NASDAQ:IBCP) Issues Quarterly Earnings Results

Independent Bank (NASDAQ:IBCP) posted its quarterly earnings data on Thursday. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11), RTT News reports. The company had revenue of $77.84 million for the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. During the same period in the prior year, the company earned $0.83 earnings per share.

Independent Bank Price Performance

Shares of IBCP stock remained flat at $32.74 during trading hours on Friday. The stock had a trading volume of 27,248 shares, compared to its average volume of 95,159. The firm has a market cap of $684.33 million, a P/E ratio of 11.15 and a beta of 0.99. The business’s 50-day simple moving average is $33.20 and its 200 day simple moving average is $29.11. Independent Bank has a fifty-two week low of $18.61 and a fifty-two week high of $35.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank Announces Dividend

The firm also recently announced 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Analyst Upgrades and Downgrades

IBCP has been the subject of several analyst reports. Piper Sandler upped their price objective on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th. 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 research note on Monday, July 29th.

Insider Transactions at Independent Bank

In other news, Director Christina Keller sold 1,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was 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 directly owns 5,563 shares of the company’s stock, valued at approximately $182,243.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.45% of the company’s stock.

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.