Independent Bank Corporation (IBCP) Expected to Announce Earnings of $0.32 Per Share
Brokerages expect Independent Bank Corporation (NASDAQ:IBCP) to announce $0.32 earnings per share for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Independent Bank Corporation’s earnings, with the highest EPS estimate coming in at $0.33 and the lowest estimate coming in at $0.30. Independent Bank Corporation posted earnings of $0.30 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 6.7%. The business is scheduled to issue its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Independent Bank Corporation will report full-year earnings of $1.20 per share for the current fiscal year, with EPS estimates ranging from $1.18 to $1.22. For the next fiscal year, analysts forecast that the company will report earnings of $1.35 per share, with EPS estimates ranging from $1.33 to $1.37. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow Independent Bank Corporation.
Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The company had revenue of $31.94 million during the quarter, compared to analyst estimates of $32.55 million. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%.
A number of brokerages have weighed in on IBCP. BidaskClub downgraded Independent Bank Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. DA Davidson assumed coverage on Independent Bank Corporation in a report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 target price on the stock. Zacks Investment Research downgraded Independent Bank Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. ValuEngine raised Independent Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $21.17.
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Shares of Independent Bank Corporation (IBCP) opened at 21.00 on Tuesday. The firm has a market cap of $448.06 million, a price-to-earnings ratio of 18.73 and a beta of 0.48. Independent Bank Corporation has a 52 week low of $15.80 and a 52 week high of $23.65. The company has a 50-day moving average price of $21.18 and a 200 day moving average price of $21.14.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.90%. Independent Bank Corporation’s payout ratio is presently 35.71%.
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Independent Bank Corporation by 7.2% in the second quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after buying an additional 59,814 shares during the last quarter. Renaissance Technologies LLC boosted its position in Independent Bank Corporation by 3.2% in the first quarter. Renaissance Technologies LLC now owns 767,300 shares of the financial services provider’s stock valued at $15,883,000 after buying an additional 23,700 shares during the last quarter. FMR LLC boosted its position in Independent Bank Corporation by 2.9% in the second quarter. FMR LLC now owns 678,610 shares of the financial services provider’s stock valued at $14,760,000 after buying an additional 19,426 shares during the last quarter. State Street Corp boosted its position in Independent Bank Corporation by 37.1% in the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock valued at $12,125,000 after buying an additional 150,958 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Independent Bank Corporation by 24.8% in the second quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock valued at $9,314,000 after buying an additional 85,186 shares during the last quarter. Institutional investors and hedge funds own 81.98% of the company’s stock.
Independent Bank Corporation Company Profile
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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