Equity research analysts expect Independent Bank Co. (NASDAQ: IBCP – Get Rating) to report earnings of $0.56 per share for the current fiscal quarter, according to Zacks. Three analysts provided Independent Bank earnings estimates, with estimates ranging from $0.55 to $0.57. Independent Bank also posted earnings of $0.56 per share in the same quarter last year. The company is due to release its next quarterly earnings report on Monday, January 1.
On average, analysts expect Independent Bank to report annual earnings of $2.45 per share for the current fiscal year, with EPS estimates ranging from $2.25 to $2.69. For the next fiscal year, analysts expect the company to post earnings of $2.51 per share, with EPS estimates ranging from $2.45 to $2.55. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts who cover Independent Bank.
Independent Bank (NASDAQ:IBCP – Get Rating) last released its quarterly results on Tuesday, April 26. The financial services provider reported earnings per share (EPS) of $0.84 for the quarter, beating analyst consensus estimates of $0.50 by $0.34. The company posted revenue of $51.95 million in the quarter, compared to analyst estimates of $45.80 million. Independent Bank achieved a return on equity of 15.18% and a net margin of 28.08%. During the same period last year, the company achieved EPS of $1.00.
The IBCP has been the subject of several analyst reports. StockNews.com upgraded Independent Bank from a “buy” rating to a “hold” rating in a Monday, May 23 report. Zacks Investment Research downgraded Independent Bank from a “buy” rating to a “hold” rating in a Tuesday, May 31 research note.
In other news, Executive Vice President Stefanie M. Kimball sold 2,239 Independent Bank shares in a trade that took place on Tuesday, May 17. The shares were sold at an average price of $19.43, for a total transaction of $43,503.77. Following the completion of the sale, the executive vice president now directly owns 59,882 shares of the company, valued at approximately $1,163,507.26. The transaction was disclosed in a legal filing with the SEC, which is available via this hyperlink. Additionally, director Dennis W. Archer, Jr. acquired 2,000 shares of the company in a transaction dated Thursday, April 28. The shares were acquired at an average cost of $20.16 per share, with a total value of $40,320.00. Following the completion of the purchase, the director now owns 5,000 shares of the company, valued at $100,800. Disclosure of this purchase can be found here. 5.20% of the shares are currently held by insiders of the company.
A number of institutional investors have recently changed their stock portfolios. Lindbrook Capital LLC purchased a new stake in Independent Bank during the first quarter worth approximately $26,000. CWM LLC increased its position in Independent Bank by 592.5% in the first quarter. CWM LLC now owns 1,295 shares of the financial services provider valued at $28,000 after acquiring 1,108 additional shares in the last quarter. Quadrant Capital Group LLC increased its position in Independent Bank shares by 66.4% during the first quarter. Quadrant Capital Group LLC now owns 1,358 shares of the financial services provider worth $30,000 after buying an additional 542 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Independent Bank shares by 86.1% during the third quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the financial services provider worth $132,000 after buying an additional 2,852 shares last quarter. Finally, Citigroup Inc. increased its stake in Independent Bank shares by 36.2% in the fourth quarter. Citigroup Inc. now owns 7,971 shares of the financial services provider valued at $190,000 after purchasing an additional 2,118 shares during the period. Hedge funds and other institutional investors hold 79.61% of the company’s shares.
IBCP stock traded down $0.30 on Monday, hitting $19.67. 2,629 shares of the company were traded, against an average volume of 92,660. Independent Bank has a 12-month low of $18.40 and a 12-month high of $26.00. The company has a 50-day moving average price of $20.48 and a two-hundred-day moving average price of $22.63. The company has a debt ratio of 0.31, a quick ratio of 0.73 and a current ratio of 0.74. The stock has a market capitalization of $414.01 million, a P/E ratio of 7.27 and a beta of 1.00.
The company also recently declared a quarterly dividend, which was paid on Monday, May 16. Shareholders of record on Thursday, May 5 received a dividend of $0.22 per share. This represents a dividend of $0.88 on an annualized basis and a yield of 4.47%. The ex-dividend date was Wednesday, May 4. Independent Bank’s dividend payout ratio (DPR) is 32.47%.
About the Independent Bank (Get an assessment)
Independent Bank Corporation operates as a bank holding company for Independent Bank which provides various retail and corporate banking services. The company offers checking and savings accounts, business loans, direct and indirect consumer financing, mortgages and safe deposit services, as well as automated teller machines and internet and mobile banking.
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