Equities Analysts Offer Predictions for IBCP Q4 Earnings

Independent Bank Co. (NASDAQ:IBCP - Free Report) - Research analysts at DA Davidson issued their Q4 2024 earnings estimates for shares of Independent Bank in a report issued on Monday, October 28th. DA Davidson analyst P. Winter anticipates that the financial services provider will post earnings per share of $0.78 for the quarter. The consensus estimate for Independent Bank's current full-year earnings is $3.13 per share.

Several other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler raised their price target on shares of Independent Bank from $27.00 to $37.50 and gave the company a "neutral" rating in a research report on Monday, July 29th.

Independent Bank Trading Up 0.1 %

Independent Bank stock traded up $0.04 during trading on Tuesday, hitting $33.21. The company had a trading volume of 67,087 shares, compared to its average volume of 95,495. Independent Bank has a 1-year low of $19.17 and a 1-year high of $35.97. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. The company's 50 day simple moving average is $33.23 and its 200-day simple moving average is $29.37. The stock has a market cap of $694.16 million, a price-to-earnings ratio of 11.30 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The firm had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same quarter in the prior year, the business earned $0.83 EPS.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a $0.24 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.89%. Independent Bank's dividend payout ratio is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, Director Christina Keller sold 1,000 shares of Independent Bank stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $32.76, for a total transaction of $32,760.00. Following the completion of the sale, the director now directly owns 5,563 shares of the company's stock, valued at approximately $182,243.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Several institutional investors have recently modified their holdings of IBCP. nVerses Capital LLC purchased a new stake in Independent Bank in the third quarter valued at $27,000. CWM LLC lifted its position in Independent Bank by 47.5% in the third quarter. CWM LLC now owns 6,287 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 2,025 shares during the last quarter. SG Americas Securities LLC lifted its position in Independent Bank by 36.8% in the third quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider's stock valued at $522,000 after acquiring an additional 4,210 shares during the last quarter. Truist Financial Corp lifted its position in Independent Bank by 8.4% in the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Creative Planning lifted its position in Independent Bank by 5.4% in the second quarter. Creative Planning now owns 43,174 shares of the financial services provider's stock valued at $1,166,000 after acquiring an additional 2,209 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

About Independent Bank

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.