Independent Bank Co.(MI) (IBCP) Expected to Announce Earnings of $0.47 Per Share

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Brokerages forecast that Independent Bank Co.(MI) (NASDAQ:IBCP) will post $0.47 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings, with the lowest EPS estimate coming in at $0.47 and the highest estimate coming in at $0.48. Independent Bank Co.(MI) reported earnings of $0.35 per share during the same quarter last year, which would suggest a positive year over year growth rate of 34.3%. The business is expected to announce its next quarterly earnings results on Tuesday, January 29th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.82 per share for the current fiscal year, with EPS estimates ranging from $1.76 to $1.87. For the next year, analysts expect that the business will report earnings of $1.98 per share, with EPS estimates ranging from $1.85 to $2.08. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that cover Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.04. Independent Bank Co.(MI) had a return on equity of 12.75% and a net margin of 18.87%. The firm had revenue of $41.53 million for the quarter, compared to the consensus estimate of $40.69 million.

IBCP has been the subject of a number of research reports. ValuEngine cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Zacks Investment Research cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Wednesday, October 31st. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a report on Friday, October 26th. BidaskClub cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Finally, DA Davidson raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Monday, October 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $25.50.

In other news, Director Michael M. Magee, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total value of $372,000.00. Following the completion of the sale, the director now directly owns 34,814 shares in the company, valued at $863,387.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Larry R. Daniel, Jr. sold 1,573 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $22.00, for a total value of $34,606.00. The disclosure for this sale can be found here. 2.22% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBCP. Millennium Management LLC lifted its stake in Independent Bank Co.(MI) by 51.7% during the second quarter. Millennium Management LLC now owns 520,993 shares of the financial services provider’s stock worth $13,285,000 after purchasing an additional 177,570 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Independent Bank Co.(MI) by 18.7% during the second quarter. Renaissance Technologies LLC now owns 1,106,600 shares of the financial services provider’s stock worth $28,218,000 after purchasing an additional 174,700 shares in the last quarter. BlackRock Inc. lifted its stake in Independent Bank Co.(MI) by 7.0% during the second quarter. BlackRock Inc. now owns 2,084,772 shares of the financial services provider’s stock worth $53,161,000 after purchasing an additional 135,945 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Independent Bank Co.(MI) by 74.1% during the second quarter. Wells Fargo & Company MN now owns 312,373 shares of the financial services provider’s stock worth $7,965,000 after purchasing an additional 132,939 shares in the last quarter. Finally, PL Capital Advisors LLC lifted its stake in Independent Bank Co.(MI) by 10.2% during the third quarter. PL Capital Advisors LLC now owns 1,158,285 shares of the financial services provider’s stock worth $27,393,000 after purchasing an additional 107,300 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

IBCP stock traded down $0.24 on Friday, hitting $23.16. 53,466 shares of the company’s stock were exchanged, compared to its average volume of 118,156. Independent Bank Co has a 12-month low of $21.11 and a 12-month high of $27.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.95 and a quick ratio of 0.90. The company has a market cap of $550.33 million, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 1.62 and a beta of 0.21.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, November 2nd. This represents a $0.60 annualized dividend and a yield of 2.59%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 49.18%.

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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