Zacks: Brokerages Expect Independent Bank Co.(MI) (IBCP) Will Announce Earnings of $0.46 Per Share

Wall Street analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to announce $0.46 earnings per share for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with the highest EPS estimate coming in at $0.47 and the lowest estimate coming in at $0.45. Independent Bank Co.(MI) reported earnings per share of $0.38 during the same quarter last year, which would suggest a positive year-over-year growth rate of 21.1%. The company is expected to announce its next quarterly earnings report before the market opens on Monday, April 22nd.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.95 per share for the current fiscal year, with EPS estimates ranging from $1.92 to $1.98. For the next financial year, analysts forecast that the business will post earnings of $2.13 per share, with EPS estimates ranging from $2.11 to $2.15. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its earnings results on Tuesday, January 29th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.07). The firm had revenue of $39.62 million for the quarter, compared to analyst estimates of $41.37 million. Independent Bank Co.(MI) had a return on equity of 12.72% and a net margin of 22.71%.

Several equities research analysts have weighed in on IBCP shares. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Friday, January 25th. BidaskClub cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, January 31st. ValuEngine cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. Finally, Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $26.00.

Shares of Independent Bank Co.(MI) stock opened at $22.31 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19. The stock has a market cap of $533.22 million, a P/E ratio of 13.28, a PEG ratio of 1.42 and a beta of 0.43. Independent Bank Co has a 12-month low of $20.18 and a 12-month high of $27.10.

In other news, insider Robert N. Shuster sold 5,255 shares of the firm’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $23.25, for a total value of $122,178.75. Following the transaction, the insider now owns 58,188 shares of the company’s stock, valued at approximately $1,352,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.22% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. increased its stake in Independent Bank Co.(MI) by 51.4% during the 3rd quarter. Prudential Financial Inc. now owns 100,755 shares of the financial services provider’s stock worth $2,383,000 after buying an additional 34,185 shares in the last quarter. Martingale Asset Management L P lifted its holdings in shares of Independent Bank Co.(MI) by 8.4% during the 3rd quarter. Martingale Asset Management L P now owns 145,769 shares of the financial services provider’s stock valued at $3,448,000 after acquiring an additional 11,304 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Independent Bank Co.(MI) by 2.3% during the 3rd quarter. BlackRock Inc. now owns 2,131,870 shares of the financial services provider’s stock valued at $50,418,000 after acquiring an additional 47,098 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank Co.(MI) by 3.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 461,555 shares of the financial services provider’s stock valued at $10,916,000 after acquiring an additional 17,454 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Independent Bank Co.(MI) during the 3rd quarter valued at $227,000. 79.06% of the stock is currently owned by institutional investors.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. 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 machines, and Internet and mobile banking services.

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