Equities research analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to report $0.34 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings. The lowest EPS estimate is $0.32 and the highest is $0.35. Independent Bank Co.(MI) posted earnings of $0.27 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 25.9%. The firm is scheduled to report its next earnings report on Thursday, January 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.20 per share for the current financial year, with EPS estimates ranging from $1.19 to $1.21. For the next year, analysts expect that the business will report earnings of $1.40 per share, with EPS estimates ranging from $1.34 to $1.44. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that that provide coverage for Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last released 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 Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. The company had revenue of $33.22 million for the quarter, compared to analyst estimates of $33.36 million.

A number of analysts have weighed in on IBCP shares. Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Wednesday, September 27th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a report on Tuesday. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $22.00 price objective on shares of Independent Bank Co.(MI) in a report on Wednesday, October 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.67.

Shares of Independent Bank Co (IBCP) opened at $22.35 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.40. Independent Bank Co has a 1-year low of $18.50 and a 1-year high of $23.65. The firm has a market cap of $481.04, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 2.34 and a beta of 0.70.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Monday, November 6th were given a dividend of $0.12 per share. The ex-dividend date was Friday, November 3rd. This is a positive change from Independent Bank Co.(MI)’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.15%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is 42.11%.

Several institutional investors and hedge funds have recently made changes to their positions in IBCP. State Street Corp grew its position in shares of Independent Bank Co.(MI) 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 acquiring an additional 150,958 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Independent Bank Co.(MI) by 31.1% during the third quarter. Russell Investments Group Ltd. now owns 450,993 shares of the financial services provider’s stock worth $10,214,000 after acquiring an additional 107,012 shares during the last quarter. Rothschild Asset Management Inc. grew its position in shares of Independent Bank Co.(MI) by 62.0% during the third quarter. Rothschild Asset Management Inc. now owns 266,789 shares of the financial services provider’s stock worth $6,043,000 after acquiring an additional 102,105 shares during the last quarter. Boston Partners grew its position in shares of Independent Bank Co.(MI) by 58.2% during the third quarter. Boston Partners now owns 253,700 shares of the financial services provider’s stock worth $5,746,000 after acquiring an additional 93,300 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Independent Bank Co.(MI) 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 acquiring an additional 85,186 shares during the last quarter. Institutional investors and hedge funds own 81.66% of the company’s stock.

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About Independent Bank Co.(MI)

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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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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