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.

Earnings History and Estimates for Independent Bank Corporation (NASDAQ:IBCP)

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