Independent Bank (IBCP) Scheduled to Post Quarterly Earnings on Thursday

Independent Bank (NASDAQ:IBCP - Get Free Report) is scheduled to be posting its quarterly earnings results before the market opens on Thursday, October 24th. Analysts expect Independent Bank to post earnings of $0.76 per share for the quarter. Individual that are interested in participating in the company's earnings conference call can do so using this link.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.17. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The company had revenue of $81.51 million during the quarter, compared to analyst estimates of $53.50 million. During the same quarter last year, the company earned $0.70 EPS. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Independent Bank Stock Up 0.5 %

Shares of NASDAQ:IBCP traded up $0.18 on Thursday, hitting $34.94. 45,699 shares of the company traded hands, compared to its average volume of 95,163. The company has a market cap of $730.32 million, a PE ratio of 11.82 and a beta of 0.99. The stock has a 50 day simple moving average of $32.97 and a 200-day simple moving average of $28.75. Independent Bank has a 52 week low of $16.90 and a 52 week high of $35.97. 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 was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, August 5th. This represents a $0.96 annualized dividend and a yield of 2.75%. Independent Bank's dividend payout ratio is 32.65%.

Analysts Set New Price Targets

A number of research firms have commented on IBCP. Piper Sandler lifted their target price on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $31.00 price objective (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th.

Insider Activity at Independent Bank

In other news, Director Christina Keller sold 1,400 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the sale, the director now owns 4,163 shares of the company's stock, valued at approximately $136,754.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.45% of the stock is owned by insiders.

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.