Independent Bank (IBCP) Set to Announce Quarterly Earnings on Thursday

Independent Bank (NASDAQ:IBCP – Get Rating) will be announcing its earnings results before the market opens on Thursday, January 26th. Analysts expect the company to announce earnings of $0.72 per share for the quarter. Investors interested in participating in the company’s conference call can do so using this link.

Independent Bank (NASDAQ:IBCP – Get Rating) last issued its earnings results on Tuesday, October 25th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.23. The business had revenue of $56.76 million for the quarter, compared to analyst estimates of $50.10 million. Independent Bank had a net margin of 27.57% and a return on equity of 17.15%. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $23.22 on Wednesday. The firm has a market cap of $489.13 million, a PE ratio of 8.18 and a beta of 0.99. The firm’s 50-day simple moving average is $23.97 and its 200-day simple moving average is $21.91. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.80 and a current ratio of 0.80. Independent Bank has a 1 year low of $17.87 and a 1 year high of $26.00.

Institutional Investors Weigh In On Independent Bank

Several institutional investors and hedge funds have recently bought and sold shares of IBCP. Swiss National Bank raised its stake in Independent Bank by 4.4% during the first quarter. Swiss National Bank now owns 47,800 shares of the financial services provider’s stock worth $1,052,000 after acquiring an additional 2,000 shares during the period. American Century Companies Inc. increased its stake in shares of Independent Bank by 28.6% in the first quarter. American Century Companies Inc. now owns 101,773 shares of the financial services provider’s stock valued at $2,239,000 after purchasing an additional 22,663 shares during the period. HighTower Advisors LLC increased its stake in shares of Independent Bank by 11.0% in the first quarter. HighTower Advisors LLC now owns 19,073 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 1,888 shares during the period. MetLife Investment Management LLC increased its stake in shares of Independent Bank by 44.8% in the first quarter. MetLife Investment Management LLC now owns 10,680 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 3,305 shares during the period. Finally, BlackRock Inc. increased its stake in shares of Independent Bank by 6.1% in the first quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider’s stock valued at $60,089,000 after purchasing an additional 156,812 shares during the period. Institutional investors and hedge funds own 78.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on IBCP shares. Keefe, Bruyette & Woods lowered shares of Independent Bank from an “outperform” rating to a “market perform” rating and set a $26.00 target price on the stock. in a research note on Monday, December 12th. StockNews.com lowered shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Monday, December 26th. Finally, DA Davidson increased their price objective on shares of Independent Bank to $24.00 in a research note on Wednesday, November 16th.

Independent Bank Company Profile

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Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.