Zacks: Brokerages Expect Independent Bank Corporation (IBCP) Will Post Earnings of $0.32 Per Share
Wall Street analysts forecast that Independent Bank Corporation (NASDAQ:IBCP) will announce earnings of $0.32 per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Independent Bank Corporation’s earnings, with the lowest EPS estimate coming in at $0.30 and the highest estimate coming in at $0.33. Independent Bank Corporation reported earnings of $0.30 per share in the same quarter last year, which would suggest a positive year over year growth rate of 6.7%. The business is expected to issue its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Independent Bank Corporation will report full-year earnings of $1.20 per share for the current year, with EPS estimates ranging from $1.18 to $1.22. For the next financial year, analysts anticipate that the firm will post earnings of $1.35 per share, with EPS estimates ranging from $1.33 to $1.37. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that follow Independent Bank Corporation.
Independent Bank Corporation (NASDAQ:IBCP) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. The business had revenue of $31.94 million for the quarter, compared to the consensus estimate of $32.55 million.
A number of research analysts have weighed in on the stock. BidaskClub cut shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research cut shares of Independent Bank Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson assumed coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price objective on the stock. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $21.17.
Independent Bank Corporation (NASDAQ:IBCP) traded up 0.98% during trading on Friday, hitting $20.60. 40,415 shares of the company traded hands. Independent Bank Corporation has a 52 week low of $15.90 and a 52 week high of $23.65. The stock has a market capitalization of $439.52 million, a PE ratio of 18.38 and a beta of 0.53. The company’s 50 day moving average is $20.83 and its 200-day moving average is $21.08.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Thursday, August 3rd. Independent Bank Corporation’s payout ratio is presently 35.71%.
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Several hedge funds and other institutional investors have recently bought and sold shares of IBCP. Globeflex Capital L P acquired a new stake in Independent Bank Corporation during the first quarter worth $110,000. Legal & General Group Plc raised its stake in Independent Bank Corporation by 0.7% in the first quarter. Legal & General Group Plc now owns 5,616 shares of the financial services provider’s stock worth $117,000 after buying an additional 41 shares during the period. TFS Capital LLC acquired a new stake in Independent Bank Corporation during the first quarter worth $235,000. American International Group Inc. raised its stake in Independent Bank Corporation by 7.1% in the first quarter. American International Group Inc. now owns 12,533 shares of the financial services provider’s stock worth $259,000 after buying an additional 826 shares during the period. Finally, Sei Investments Co. acquired a new stake in Independent Bank Corporation during the second quarter worth $268,000. Hedge funds and other institutional investors own 80.85% of the company’s stock.
About Independent Bank Corporation
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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