$0.46 EPS Expected for Independent Bank Co.(MI) (IBCP) This Quarter

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Brokerages expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post $0.46 earnings per share for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings. The highest EPS estimate is $0.47 and the lowest is $0.45. Independent Bank Co.(MI) reported earnings per share of $0.38 in the same quarter last year, which suggests a positive year-over-year growth rate of 21.1%. The company is expected to issue its next quarterly earnings results 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 financial year, with EPS estimates ranging from $1.92 to $1.98. For the next fiscal year, analysts expect that the business will report earnings of $2.13 per share, with EPS estimates ranging from $2.11 to $2.15. Zacks’ EPS averages are an average based on a survey of research analysts that that provide coverage for Independent Bank Co.(MI).

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

A number of equities analysts recently weighed in on IBCP shares. ValuEngine upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Zacks Investment Research lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Tuesday, January 15th. BidaskClub upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Tuesday, December 18th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, January 31st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $26.00.

NASDAQ:IBCP opened at $21.72 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. Independent Bank Co has a 1-year low of $20.18 and a 1-year high of $27.10. The firm has a market capitalization of $527.67 million, a P/E ratio of 12.93, a P/E/G ratio of 1.41 and a beta of 0.45.

In related news, insider Robert N. Shuster sold 5,255 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $23.25, for a total value of $122,178.75. Following the completion of the transaction, the insider now owns 58,188 shares in the company, valued at approximately $1,352,871. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.22% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its stake in Independent Bank Co.(MI) by 1,738.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,636 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,547 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Independent Bank Co.(MI) in the 4th quarter worth about $37,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Independent Bank Co.(MI) by 89.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,898 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 897 shares in the last quarter. Quantamental Technologies LLC purchased a new stake in Independent Bank Co.(MI) in the 4th quarter worth about $41,000. Finally, Advisor Group Inc. purchased a new stake in Independent Bank Co.(MI) in the 4th quarter worth about $51,000. 79.06% of the stock is owned by hedge funds and other institutional investors.

About Independent Bank Co.(MI)

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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