$0.57 Earnings Per Share Expected for Independent Bank Co.(MI) (NASDAQ:IBCP) This Quarter

Wall Street brokerages expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will report earnings per share of $0.57 for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with estimates ranging from $0.53 to $0.64. Independent Bank Co.(MI) reported earnings per share of $0.41 in the same quarter last year, which would suggest a positive year over year growth rate of 39%. The company is expected to report its next earnings report on Tuesday, February 4th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.95 per share for the current financial year, with EPS estimates ranging from $1.89 to $2.04. For the next year, analysts anticipate that the company will post earnings of $1.97 per share, with EPS estimates ranging from $1.89 to $2.02. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that cover Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.04. The company had revenue of $43.15 million for the quarter, compared to analyst estimates of $42.73 million. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%.

A number of brokerages have issued reports on IBCP. ValuEngine upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BidaskClub cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Thursday, October 10th.

Shares of IBCP traded down $0.06 during trading hours on Tuesday, hitting $22.62. The company had a trading volume of 37,900 shares, compared to its average volume of 103,852. The firm has a market cap of $517.97 million, a price-to-earnings ratio of 13.46 and a beta of 0.51. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. Independent Bank Co has a 12 month low of $18.94 and a 12 month high of $23.93. The business has a fifty day moving average of $21.68 and a 200-day moving average of $21.26.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Wednesday, November 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 42.86%.

Several hedge funds have recently bought and sold shares of the company. First Trust Advisors LP lifted its holdings in shares of Independent Bank Co.(MI) by 8.1% in the third quarter. First Trust Advisors LP now owns 64,123 shares of the financial services provider’s stock worth $1,367,000 after acquiring an additional 4,816 shares during the last quarter. Creative Planning bought a new position in shares of Independent Bank Co.(MI) in the third quarter worth about $810,000. Russell Investments Group Ltd. lifted its holdings in shares of Independent Bank Co.(MI) by 16.5% in the third quarter. Russell Investments Group Ltd. now owns 887,672 shares of the financial services provider’s stock worth $18,921,000 after acquiring an additional 125,967 shares during the last quarter. California Public Employees Retirement System lifted its holdings in shares of Independent Bank Co.(MI) by 30.7% in the third quarter. California Public Employees Retirement System now owns 77,953 shares of the financial services provider’s stock worth $1,662,000 after acquiring an additional 18,309 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Independent Bank Co.(MI) by 72.3% in the third quarter. Rhumbline Advisers now owns 54,604 shares of the financial services provider’s stock worth $1,164,000 after acquiring an additional 22,917 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the 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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