Equities research analysts expect that Independent Bank Corporation (NASDAQ:IBCP) will announce sales of $33.36 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Independent Bank Corporation’s earnings, with estimates ranging from $33.19 million to $33.70 million. Independent Bank Corporation reported sales of $31.71 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.2%. The firm is expected to issue its next quarterly earnings results on Thursday, October 26th.
On average, analysts expect that Independent Bank Corporation will report full year sales of $33.36 million for the current fiscal year, with estimates ranging from $130.10 million to $132.00 million. For the next fiscal year, analysts expect that the business will post sales of $140.91 million per share, with estimates ranging from $137.80 million to $145.33 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Independent Bank Corporation.
Independent Bank Corporation (NASDAQ:IBCP) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.58%. The company had revenue of $31.94 million during the quarter, compared to the consensus estimate of $32.55 million.
A number of analysts have recently commented on IBCP shares. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Tuesday, April 25th. ValuEngine raised Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson started coverage on Independent Bank Corporation in a research report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 price target on the stock. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. Finally, BidaskClub cut Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $21.17.
Independent Bank Corporation (NASDAQ IBCP) traded up 0.24% on Friday, hitting $21.25. The stock had a trading volume of 143,139 shares. The stock has a 50 day moving average price of $21.20 and a 200 day moving average price of $21.14. Independent Bank Corporation has a 1-year low of $15.19 and a 1-year high of $23.65. The company has a market cap of $453.37 million, a P/E ratio of 18.97 and a beta of 0.50.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, August 7th will be given a $0.10 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $0.40 annualized dividend and a yield of 1.88%. Independent Bank Corporation’s dividend payout ratio (DPR) is presently 35.71%.
A number of institutional investors have recently added to or reduced their stakes in the stock. LSV Asset Management boosted its position in Independent Bank Corporation by 47.7% in the first quarter. LSV Asset Management now owns 339,600 shares of the financial services provider’s stock valued at $7,029,000 after buying an additional 109,700 shares during the period. Russell Investments Group Ltd. boosted its position in Independent Bank Corporation by 27.9% in the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock valued at $7,481,000 after buying an additional 74,994 shares during the period. Rothschild Asset Management Inc. boosted its position in Independent Bank Corporation by 76.1% in the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock valued at $3,582,000 after buying an additional 71,188 shares during the period. Thrivent Financial For Lutherans acquired a new position in Independent Bank Corporation during the first quarter valued at about $1,211,000. Finally, Hillsdale Investment Management Inc. acquired a new position in Independent Bank Corporation during the first quarter valued at about $948,000. 81.43% of the stock is currently owned by institutional investors and hedge funds.
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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