Brokerages predict that Independent Bank Co.(MI) (NASDAQ:IBCP) will announce earnings of $0.28 per share for the current quarter, Zacks reports. Two analysts have issued estimates for Independent Bank Co.(MI)’s earnings. The lowest EPS estimate is $0.25 and the highest is $0.30. Independent Bank Co.(MI) posted earnings per share of $0.19 in the same quarter last year, which would indicate a positive year-over-year growth rate of 47.4%. The company is scheduled to report its next quarterly earnings results before the market opens on Monday, April 24th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.18 per share for the current year, with EPS estimates ranging from $1.12 to $1.24. For the next fiscal year, analysts forecast that the business will report earnings of $1.29 per share, with EPS estimates ranging from $1.24 to $1.34. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, January 26th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. The company earned $33.45 million during the quarter, compared to analysts’ expectations of $30.55 million. Independent Bank Co.(MI) had a return on equity of 9.26% and a net margin of 17.67%.

Separately, Zacks Investment Research lowered shares of Independent Bank Co.(MI) from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 30th.

In other Independent Bank Co.(MI) news, insider Robert N. Shuster sold 5,660 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $20.71, for a total value of $117,218.60. Following the transaction, the insider now owns 55,766 shares in the company, valued at $1,154,913.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark L. Collins sold 3,320 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $21.29, for a total transaction of $70,682.80. Following the completion of the transaction, the insider now owns 58,170 shares in the company, valued at approximately $1,238,439.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 53,453 shares of company stock worth $1,157,716. 5.38% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Numeric Investors LLC raised its position in Independent Bank Co.(MI) by 10.0% in the fourth quarter. Numeric Investors LLC now owns 366,309 shares of the financial services provider’s stock valued at $7,949,000 after buying an additional 33,220 shares during the period. Cigna Investments Inc. New acquired a new position in Independent Bank Co.(MI) during the fourth quarter valued at about $374,000. A.R.T. Advisors LLC acquired a new position in Independent Bank Co.(MI) during the fourth quarter valued at about $571,000. Renaissance Technologies LLC raised its position in Independent Bank Co.(MI) by 11.9% in the fourth quarter. Renaissance Technologies LLC now owns 743,600 shares of the financial services provider’s stock valued at $16,136,000 after buying an additional 79,100 shares during the period. Finally, Martingale Asset Management L P raised its position in Independent Bank Co.(MI) by 73.8% in the fourth quarter. Martingale Asset Management L P now owns 99,433 shares of the financial services provider’s stock valued at $2,158,000 after buying an additional 42,215 shares during the period. Hedge funds and other institutional investors own 79.98% of the company’s stock.

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Independent Bank Co (NASDAQ:IBCP) traded up 2.42% during midday trading on Thursday, reaching $21.15. The company’s stock had a trading volume of 50,084 shares. Independent Bank Co has a 52 week low of $13.42 and a 52 week high of $22.40. The stock has a market capitalization of $451.09 million, a PE ratio of 20.14 and a beta of 0.29. The firm’s 50-day moving average price is $20.66 and its 200-day moving average price is $19.84.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

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