Independent Bank Co. (NASDAQ:IBCP - Free Report) - Investment analysts at DA Davidson dropped their FY2024 earnings per share estimates for Independent Bank in a report released on Monday, October 28th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $2.99 per share for the year, down from their previous forecast of $3.14. The consensus estimate for Independent Bank's current full-year earnings is $3.13 per share. DA Davidson also issued estimates for Independent Bank's FY2025 earnings at $3.12 EPS.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 21.11% and a return on equity of 16.90%. The firm had revenue of $77.84 million during the quarter, compared to analysts' expectations of $55.05 million. During the same quarter last year, the company posted $0.83 EPS.
Several other research firms have also recently weighed in on IBCP. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler raised their target price on Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research report on Monday, July 29th.
Check Out Our Latest Research Report on IBCP
Independent Bank Stock Performance
Shares of IBCP stock traded up $0.34 during trading on Wednesday, reaching $33.55. The company had a trading volume of 81,813 shares, compared to its average volume of 95,429. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The firm's 50 day simple moving average is $33.23 and its two-hundred day simple moving average is $29.37. The company has a market capitalization of $701.26 million, a PE ratio of 11.38 and a beta of 0.99. Independent Bank has a one year low of $19.66 and a one year high of $35.97.
Hedge Funds Weigh In On Independent Bank
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new stake in shares of Independent Bank in the third quarter worth $27,000. CWM LLC grew its stake in Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Independent Bank by 36.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider's stock valued at $125,000 after buying an additional 1,225 shares during the last quarter. Comerica Bank bought a new position in shares of Independent Bank in the 1st quarter valued at about $173,000. Finally, Denali Advisors LLC lifted its stake in Independent Bank by 64.2% in the 1st quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider's stock valued at $221,000 after purchasing an additional 3,400 shares during the last quarter. Institutional investors own 79.43% of the company's stock.
Insider Activity at Independent Bank
In other news, Director Christina Keller sold 1,400 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the sale, the director now directly owns 4,163 shares in the company, valued at approximately $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.45% of the company's stock.
Independent Bank Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank's dividend payout ratio is currently 32.65%.
Independent Bank Company Profile
(
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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.
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