$40.72 Million in Sales Expected for Independent Bank Co.(MI) (IBCP) This Quarter

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Brokerages expect Independent Bank Co.(MI) (NASDAQ:IBCP) to report $40.72 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Independent Bank Co.(MI)’s earnings, with the lowest sales estimate coming in at $39.00 million and the highest estimate coming in at $41.77 million. Independent Bank Co.(MI) posted sales of $33.22 million in the same quarter last year, which would suggest a positive year over year growth rate of 22.6%. The company is scheduled to report its next quarterly earnings results on Thursday, October 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full year sales of $158.76 million for the current year, with estimates ranging from $155.30 million to $161.17 million. For the next year, analysts expect that the company will post sales of $173.82 million per share, with estimates ranging from $166.60 million to $181.45 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.05. The business had revenue of $41.30 million during the quarter, compared to the consensus estimate of $38.70 million. Independent Bank Co.(MI) had a net margin of 16.92% and a return on equity of 11.84%.

Several analysts recently issued reports on IBCP shares. Hovde Group set a $26.00 price objective on shares of Independent Bank Co.(MI) and gave the stock a “hold” rating in a report on Tuesday, April 24th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a report on Tuesday, April 24th. ValuEngine raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating in a report on Tuesday, April 24th. BidaskClub raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating in a report on Thursday, April 26th. Finally, Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Thursday, April 26th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Independent Bank Co.(MI) has an average rating of “Hold” and a consensus target price of $26.33.

Shares of Independent Bank Co.(MI) traded up $0.15, hitting $24.65, during trading hours on Friday, according to Marketbeat.com. 66,678 shares of the stock were exchanged, compared to its average volume of 110,922. The company has a current ratio of 0.92, a quick ratio of 0.86 and a debt-to-equity ratio of 0.24. The company has a market cap of $591.70 million, a P/E ratio of 16.44, a P/E/G ratio of 1.74 and a beta of -0.11. Independent Bank Co has a one year low of $19.25 and a one year high of $27.10.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Monday, August 6th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Friday, August 3rd. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is presently 49.18%.

In other Independent Bank Co.(MI) news, Director Terry L. Haske sold 1,777 shares of the stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $25.21, for a total value of $44,798.17. Following the completion of the sale, the director now directly owns 30,538 shares of the company’s stock, valued at approximately $769,862.98. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Dennis J. Mack sold 3,500 shares of the stock in a transaction on Thursday, May 31st. The shares were sold at an average price of $25.53, for a total transaction of $89,355.00. Following the completion of the sale, the executive vice president now directly owns 44,068 shares of the company’s stock, valued at $1,125,056.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,576 shares of company stock valued at $192,502. Insiders own 2.22% of the company’s stock.

A number of institutional investors have recently modified their holdings of IBCP. Millennium Management LLC boosted its holdings in Independent Bank Co.(MI) by 97.4% in the 4th quarter. Millennium Management LLC now owns 541,356 shares of the financial services provider’s stock valued at $12,099,000 after purchasing an additional 267,084 shares during the period. LSV Asset Management lifted its holdings in shares of Independent Bank Co.(MI) by 56.8% during the 1st quarter. LSV Asset Management now owns 585,521 shares of the financial services provider’s stock worth $13,408,000 after acquiring an additional 212,200 shares during the period. BlackRock Inc. lifted its holdings in shares of Independent Bank Co.(MI) by 9.3% during the 4th quarter. BlackRock Inc. now owns 1,888,063 shares of the financial services provider’s stock worth $42,199,000 after acquiring an additional 160,154 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Independent Bank Co.(MI) by 74.1% during the 2nd quarter. Wells Fargo & Company MN now owns 312,373 shares of the financial services provider’s stock worth $7,965,000 after acquiring an additional 132,939 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Independent Bank Co.(MI) by 91.7% during the 4th quarter. Deutsche Bank AG now owns 191,504 shares of the financial services provider’s stock worth $4,278,000 after acquiring an additional 91,612 shares during the period. 71.42% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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