Zacks: Analysts Expect Independent Bank Co.(MI) (IBCP) Will Announce Quarterly Sales of $41.70 Million

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Brokerages expect Independent Bank Co.(MI) (NASDAQ:IBCP) to report $41.70 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with the lowest sales estimate coming in at $41.50 million and the highest estimate coming in at $41.91 million. Independent Bank Co.(MI) reported sales of $35.46 million in the same quarter last year, which indicates a positive year over year growth rate of 17.6%. The business is expected to report its next earnings report before the market opens on Monday, April 22nd.

On average, analysts expect that Independent Bank Co.(MI) will report full-year sales of $172.27 million for the current year, with estimates ranging from $171.20 million to $173.42 million. For the next fiscal year, analysts forecast that the firm will report sales of $183.13 million, with estimates ranging from $180.40 million to $185.58 million. Zacks Investment Research’s sales calculations are an average based on a survey of 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 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.07). The business had revenue of $39.62 million for the quarter, compared to the consensus estimate of $41.37 million. Independent Bank Co.(MI) had a return on equity of 12.72% and a net margin of 22.71%.

A number of research analysts have commented on IBCP shares. BidaskClub upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Tuesday, December 18th. 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. 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 issued a buy rating to the stock. Independent Bank Co.(MI) currently has a consensus rating of “Hold” and a consensus price target of $26.00.

Shares of IBCP opened at $20.52 on Friday. The firm has a market capitalization of $494.66 million, a price-to-earnings ratio of 11.93, a PEG ratio of 1.32 and a beta of 0.45. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.93. Independent Bank Co has a 52 week low of $20.18 and a 52 week high of $27.10.

In other Independent Bank Co.(MI) 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 transaction, the insider now directly owns 58,188 shares in the company, valued at approximately $1,352,871. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.22% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Legal & General Group Plc lifted its stake in shares of Independent Bank Co.(MI) by 14.5% in the 3rd quarter. Legal & General Group Plc now owns 3,773 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 478 shares during the period. Stone Ridge Asset Management LLC lifted its stake in shares of Independent Bank Co.(MI) by 4.7% in the 4th quarter. Stone Ridge Asset Management LLC now owns 11,966 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 539 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of 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 valued at $40,000 after purchasing an additional 897 shares during the period. Federated Investors Inc. PA lifted its stake in shares of Independent Bank Co.(MI) by 25.2% in the 3rd quarter. Federated Investors Inc. PA now owns 6,158 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 1,241 shares during the period. Finally, Meeder Asset Management Inc. lifted its stake in shares of Independent Bank Co.(MI) by 32.9% in the 4th quarter. Meeder Asset Management Inc. now owns 6,179 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,528 shares during the period. 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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