Independent Bank (IBCP) to Release Earnings on Thursday

Independent Bank (NASDAQ:IBCP) will be releasing its earnings data before the market opens on Thursday, April 25th. Analysts expect Independent Bank to post earnings of $0.65 per share for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.08. Independent Bank had a return on equity of 16.28% and a net margin of 20.34%. The business had revenue of $49.21 million during the quarter, compared to the consensus estimate of $51.50 million. 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 Down 0.2 %

NASDAQ:IBCP opened at $23.20 on Thursday. Independent Bank has a twelve month low of $14.90 and a twelve month high of $27.39. The company has a market cap of $485.11 million, a price-to-earnings ratio of 8.32 and a beta of 0.97. The stock has a fifty day simple moving average of $24.30 and a 200-day simple moving average of $23.22. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.14%. This is an increase from Independent Bank’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, February 2nd. Independent Bank’s dividend payout ratio (DPR) is 34.41%.

Hedge Funds Weigh In On Independent Bank

Several institutional investors have recently made changes to their positions in the company. MetLife Investment Management LLC increased its stake in shares of Independent Bank by 4.5% during the fourth quarter. MetLife Investment Management LLC now owns 11,156 shares of the financial services provider’s stock valued at $267,000 after buying an additional 476 shares during the period. Legal & General Group Plc increased its stake in shares of Independent Bank by 6.0% during the second quarter. Legal & General Group Plc now owns 9,274 shares of the financial services provider’s stock valued at $179,000 after buying an additional 527 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 55,664 shares of the financial services provider’s stock valued at $944,000 after buying an additional 562 shares during the period. Royal Bank of Canada increased its stake in shares of Independent Bank by 5.5% during the third quarter. Royal Bank of Canada now owns 11,845 shares of the financial services provider’s stock valued at $227,000 after buying an additional 619 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Independent Bank by 1.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 52,226 shares of the financial services provider’s stock valued at $1,360,000 after purchasing an additional 629 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group started coverage on Independent Bank in a research report on Monday, March 4th. They set a “market perform” rating for the company.

Independent Bank Company Profile

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.