Independent Bank Co.(MI) (IBCP) Expected to Post Earnings of $0.36 Per Share

Equities analysts forecast that Independent Bank Co.(MI) (NASDAQ:IBCP) will post earnings of $0.36 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Independent Bank Co.(MI)’s earnings, with the highest EPS estimate coming in at $0.37 and the lowest estimate coming in at $0.35. Independent Bank Co.(MI) posted earnings per share of $0.28 during the same quarter last year, which indicates a positive year over year growth rate of 28.6%. The firm is expected to announce its next earnings results on Monday, April 23rd.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.63 per share for the current year, with EPS estimates ranging from $1.60 to $1.68. For the next financial year, analysts anticipate that the firm will post earnings of $1.97 per share, with EPS estimates ranging from $1.85 to $2.15. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Independent Bank Co.(MI).

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Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. The company had revenue of $34.76 million during the quarter, compared to the consensus estimate of $34.23 million. Independent Bank Co.(MI) had a return on equity of 10.07% and a net margin of 14.54%.

IBCP has been the subject of several research reports. Compass Point upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Wednesday, January 3rd. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, December 28th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $24.00 price target on shares of Independent Bank Co.(MI) in a research note on Friday, December 8th. Finally, BidaskClub upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $24.00.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in Independent Bank Co.(MI) in the 4th quarter worth about $677,000. Sterling Capital Management LLC bought a new position in Independent Bank Co.(MI) in the 4th quarter worth about $870,000. MetLife Investment Advisors LLC bought a new position in Independent Bank Co.(MI) in the 4th quarter worth about $265,000. Millennium Management LLC boosted its stake in Independent Bank Co.(MI) by 97.4% in the 4th quarter. Millennium Management LLC now owns 541,356 shares of the financial services provider’s stock worth $12,099,000 after purchasing an additional 267,084 shares during the period. Finally, Two Sigma Investments LP boosted its stake in Independent Bank Co.(MI) by 54.4% in the 4th quarter. Two Sigma Investments LP now owns 76,572 shares of the financial services provider’s stock worth $1,711,000 after purchasing an additional 26,966 shares during the period. Institutional investors and hedge funds own 81.09% of the company’s stock.

IBCP stock opened at $23.45 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The firm has a market cap of $515.10, a PE ratio of 19.22, a PEG ratio of 1.85 and a beta of 0.05. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $24.50.

Independent Bank Co.(MI) declared that its Board of Directors has approved a stock repurchase program on Tuesday, January 30th that authorizes the company to repurchase 500% of shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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About Independent Bank Co.(MI)

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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