$33.69 Million in Sales Expected for Independent Bank Co.(MI) (IBCP) This Quarter

Analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post $33.69 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings, with estimates ranging from $33.30 million to $34.28 million. Independent Bank Co.(MI) reported sales of $31.81 million during the same quarter last year, which would suggest a positive year over year growth rate of 5.9%. The firm is expected to issue its next quarterly earnings report on Monday, April 23rd.

On average, analysts expect that Independent Bank Co.(MI) will report full year sales of $33.69 million for the current financial year, with estimates ranging from $147.70 million to $156.19 million. For the next year, analysts forecast that the business will post sales of $170.88 million per share, with estimates ranging from $165.60 million to $178.03 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.03. The business had revenue of $34.76 million for the quarter, compared to the consensus estimate of $34.23 million. Independent Bank Co.(MI) had a return on equity of 10.10% and a net margin of 14.54%.

Several research firms recently commented on IBCP. Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Wednesday, January 3rd. Compass Point raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $24.00 price target on shares of Independent Bank Co.(MI) in a report on Friday, December 8th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a report on Tuesday, December 5th. Finally, BidaskClub raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Monday, February 5th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $24.00.

Independent Bank Co (NASDAQ IBCP) opened at $22.80 on Wednesday. The firm has a market capitalization of $485.35, a P/E ratio of 18.65, a PEG ratio of 1.74 and a beta of 0.24. Independent Bank Co has a 1 year low of $18.50 and a 1 year high of $24.20. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.84.

Independent Bank Co.(MI) announced that its board has approved a stock repurchase plan on Tuesday, January 30th that authorizes the company to repurchase 500% of shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, February 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Tuesday, February 6th. This is a boost from Independent Bank Co.(MI)’s previous quarterly dividend of $0.12. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 63.16%.

Several large investors have recently bought and sold shares of IBCP. BlackRock Inc. increased its holdings in shares of Independent Bank Co.(MI) by 9.3% in the fourth quarter. BlackRock Inc. now owns 1,888,063 shares of the financial services provider’s stock valued at $42,199,000 after purchasing an additional 160,154 shares during the last quarter. State Street Corp increased its holdings in shares of Independent Bank Co.(MI) 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 purchasing an additional 150,958 shares during the last quarter. Maltese Capital Management LLC increased its holdings in shares of Independent Bank Co.(MI) by 12.3% in the fourth quarter. Maltese Capital Management LLC now owns 993,365 shares of the financial services provider’s stock valued at $22,202,000 after purchasing an additional 109,105 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Independent Bank Co.(MI) by 31.1% in the third quarter. Russell Investments Group Ltd. now owns 450,993 shares of the financial services provider’s stock valued at $10,214,000 after purchasing an additional 107,012 shares during the last quarter. Finally, Rothschild Asset Management Inc. increased its stake in 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. 82.09% of the stock is owned by hedge funds and other institutional investors.

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

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