Independent Bank (IBCP) Expected to Announce Earnings on Thursday

Independent Bank (NASDAQ:IBCP) will likely be announcing 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. Investors that wish to listen to 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The company had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same quarter in the previous year, the business earned $0.83 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 Trading Up 3.0 %

NASDAQ IBCP opened at $35.46 on Wednesday. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50 day simple moving average of $36.19 and a two-hundred day simple moving average of $34.06. The stock has a market cap of $740.90 million, a P/E ratio of 12.06 and a beta of 1.03.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.04 annualized dividend and a yield of 2.93%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio (DPR) is 35.37%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased 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.

Insiders Place Their Bets

In other news, EVP Gavin A. Mohr bought 800 shares of the stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.48% of the company’s stock.

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.