Independent Bank Corporation (IBCP) Expected to Post Quarterly Sales of $33.36 Million
Equities research analysts expect that Independent Bank Corporation (NASDAQ:IBCP) will report $33.36 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Independent Bank Corporation’s earnings. The lowest sales estimate is $33.19 million and the highest is $33.70 million. Independent Bank Corporation reported sales of $31.71 million in the same quarter last year, which would suggest a positive year over year growth rate of 5.2%. The business is scheduled to issue its next earnings results before the market opens on Thursday, October 26th.
On average, analysts expect that Independent Bank Corporation will report full-year sales of $33.36 million for the current fiscal year, with estimates ranging from $130.10 million to $132.00 million. For the next financial year, analysts anticipate that the firm will report sales of $140.91 million per share, with estimates ranging from $137.80 million to $145.33 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Independent Bank Corporation.
Independent Bank Corporation (NASDAQ:IBCP) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The firm had revenue of $31.94 million for the quarter, compared to analysts’ expectations of $32.55 million.
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Shares of Independent Bank Corporation (NASDAQ IBCP) opened at 22.75 on Wednesday. The stock has a market capitalization of $485.39 million, a price-to-earnings ratio of 20.29 and a beta of 0.55. Independent Bank Corporation has a 1-year low of $16.33 and a 1-year high of $23.65. The stock’s 50 day moving average is $20.95 and its 200 day moving average is $21.07.
A number of hedge funds have recently added to or reduced their stakes in IBCP. State Street Corp boosted its holdings in Independent Bank Corporation by 37.1% during the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after buying an additional 150,958 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Independent Bank Corporation by 24.8% during the second quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock worth $9,314,000 after buying an additional 85,186 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Independent Bank Corporation by 27.9% during the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock worth $7,481,000 after buying an additional 74,994 shares in the last quarter. Rothschild Asset Management Inc. boosted its holdings in Independent Bank Corporation by 76.1% during the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock worth $3,582,000 after buying an additional 71,188 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in Independent Bank Corporation during the second quarter worth about $1,338,000. 80.85% of the stock is currently owned by hedge funds and other institutional investors.
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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