Independent Bank (NASDAQ:IBCP - Get Free Report) released its quarterly earnings results on Thursday. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11), RTT News reports. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The company had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. During the same period in the previous year, the company earned $0.83 earnings per share.
Independent Bank Stock Down 0.5 %
Shares of NASDAQ IBCP traded down $0.16 on Friday, reaching $32.58. 86,076 shares of the company's stock traded hands, compared to its average volume of 95,443. Independent Bank has a 12 month low of $18.61 and a 12 month high of $35.97. The business's 50 day simple moving average is $33.20 and its two-hundred day simple moving average is $29.11. The company has a market cap of $680.99 million, a price-to-earnings ratio of 11.15 and a beta of 0.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30.
Independent Bank Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank's dividend payout ratio is 32.65%.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on IBCP shares. Piper Sandler increased their price target on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $31.00 price target (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th.
Check Out Our Latest Report on IBCP
Insider Buying and Selling at Independent Bank
In related news, Director Christina Keller sold 1,000 shares of the firm's stock in a transaction that occurred 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 owns 5,563 shares of the company's stock, valued at $182,243.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.45% of the company's stock.
About Independent Bank
(
Get Free Report)
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.
See Also
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
