Independent Bank (NASDAQ:IBCP) Releases Earnings Results, Beats Estimates By $0.06 EPS

Independent Bank (NASDAQ:IBCP) issued its earnings results on Thursday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06, Zacks reports. Independent Bank had a return on equity of 14.54% and a net margin of 21.25%.The company had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $50.52 million.

Independent Bank Trading Up 5.1%

Shares of Independent Bank stock opened at $35.05 on Thursday. The company has a market capitalization of $725.18 million, a P/E ratio of 10.75 and a beta of 0.80. The stock has a fifty day simple moving average of $33.11 and a 200 day simple moving average of $32.30. Independent Bank has a 12-month low of $26.75 and a 12-month high of $37.13. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Tuesday, February 3rd will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 3.2%. Independent Bank’s payout ratio is presently 31.90%.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds have recently bought and sold shares of IBCP. Integrated Wealth Concepts LLC bought a new stake in shares of Independent Bank in the 1st quarter worth $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Independent Bank by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 464 shares during the last quarter. Millennium Management LLC grew its position in Independent Bank by 469.8% in the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock worth $4,032,000 after purchasing an additional 107,972 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock valued at $9,206,000 after buying an additional 12,855 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Independent Bank by 24.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock valued at $2,190,000 after buying an additional 13,926 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.