Wall Street brokerages expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post earnings of $0.32 per share for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with the highest EPS estimate coming in at $0.35 and the lowest estimate coming in at $0.28. Independent Bank Co.(MI) posted earnings per share of $0.27 in the same quarter last year, which would suggest a positive year-over-year growth rate of 18.5%. The company is expected to report its next earnings results on Thursday, January 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.18 per share for the current fiscal year, with EPS estimates ranging from $1.15 to $1.21. For the next year, analysts forecast that the business will post earnings of $1.55 per share, with EPS estimates ranging from $1.48 to $1.63. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.01). The firm had revenue of $33.22 million during the quarter, compared to the consensus estimate of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%.

IBCP has been the topic of a number of research analyst reports. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Friday, October 27th. Compass Point upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Keefe, Bruyette & Woods restated a “hold” rating and set a $24.00 price objective on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. Finally, Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $24.00.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Independent Bank Co.(MI) by 7.2% during the second quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after purchasing an additional 59,814 shares during the period. Maltese Capital Management LLC lifted its position in Independent Bank Co.(MI) by 9.4% during the third quarter. Maltese Capital Management LLC now owns 884,260 shares of the financial services provider’s stock valued at $20,028,000 after purchasing an additional 76,260 shares during the period. FMR LLC lifted its position in Independent Bank Co.(MI) by 2.9% during the second quarter. FMR LLC now owns 678,610 shares of the financial services provider’s stock valued at $14,760,000 after purchasing an additional 19,426 shares during the period. The Manufacturers Life Insurance Company raised its position in Independent Bank Co.(MI) by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock worth $12,243,000 after acquiring an additional 10,392 shares during the period. Finally, State Street Corp raised its position in Independent Bank Co.(MI) by 37.1% in the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after acquiring an additional 150,958 shares during the period. Institutional investors own 81.66% of the company’s stock.

Shares of Independent Bank Co (NASDAQ IBCP) remained flat at $$22.65 during trading on Tuesday. 91,700 shares of the company were exchanged, compared to its average volume of 113,400. The company has a market cap of $483.21, a P/E ratio of 19.87, a P/E/G ratio of 1.82 and a beta of 0.69. Independent Bank Co has a one year low of $18.50 and a one year high of $23.65. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.84.

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About Independent Bank Co.(MI)

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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