Independent Bank (NASDAQ:IBCP) Posts Earnings Results, Beats Expectations By $0.10 EPS

Independent Bank (NASDAQ:IBCP - Get Free Report) announced its earnings results on Thursday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10, Zacks reports. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%.

Independent Bank Price Performance

Shares of IBCP stock traded up $0.44 during trading hours on Thursday, hitting $35.24. 187,237 shares of the company's stock were exchanged, compared to its average volume of 145,810. The company has a market capitalization of $736.16 million, a PE ratio of 11.99 and a beta of 1.03. Independent Bank has a 12-month low of $22.53 and a 12-month high of $40.32. The business's 50 day simple moving average is $36.12 and its 200-day simple moving average is $34.06. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This is an increase from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.95%. Independent Bank's dividend payout ratio (DPR) is 32.65%.

Insiders Place Their Bets

In other news, EVP Gavin A. Mohr bought 800 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 5.45% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank from $33.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th.

Independent Bank Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.