FY2017 EPS Estimates for Independent Bank Corporation (IBCP) Cut by Analyst
Independent Bank Corporation (NASDAQ:IBCP) – Investment analysts at DA Davidson dropped their FY2017 earnings per share estimates for shares of Independent Bank Corporation in a research note issued to investors on Friday. DA Davidson analyst K. Reevey now forecasts that the financial services provider will post earnings of $1.21 per share for the year, down from their previous forecast of $1.22. DA Davidson currently has a “Neutral” rating and a $23.00 target price on the stock. DA Davidson also issued estimates for Independent Bank Corporation’s Q1 2018 earnings at $0.32 EPS, Q2 2018 earnings at $0.35 EPS, Q3 2018 earnings at $0.38 EPS, FY2018 earnings at $1.44 EPS and FY2019 earnings at $1.65 EPS.
Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). Independent Bank Corporation had a net margin of 17.75% and a return on equity of 9.63%. The firm had revenue of $33.22 million during the quarter, compared to analysts’ expectations of $33.36 million.
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Several other equities research analysts have also weighed in on the company. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Friday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $22.00 target price on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Wednesday, September 27th. Finally, BidaskClub lowered Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $22.67.
Independent Bank Corporation (IBCP) opened at 23.15 on Monday. The stock has a market capitalization of $493.93 million, a price-to-earnings ratio of 20.65 and a beta of 0.55. The company has a 50-day moving average of $21.75 and a 200-day moving average of $21.26. Independent Bank Corporation has a 52-week low of $16.45 and a 52-week high of $23.65.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Independent Bank Corporation by 7.2% during 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 in the last quarter. Renaissance Technologies LLC boosted its stake in Independent Bank Corporation by 3.2% during 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 in the last quarter. FMR LLC boosted its stake in Independent Bank Corporation by 2.9% during 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 in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Independent Bank Corporation by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock valued at $12,243,000 after buying an additional 10,392 shares in the last quarter. Finally, State Street Corp boosted its stake 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 valued at $12,125,000 after buying an additional 150,958 shares in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.48 annualized dividend and a yield of 2.07%. This is a boost from Independent Bank Corporation’s previous quarterly dividend of $0.10. Independent Bank Corporation’s dividend payout ratio (DPR) is currently 35.09%.
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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