Analysts expect that Independent Bank Co. (NASDAQ:IBCP – Get Rating) will announce $47.96 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Independent Bank’s earnings, with estimates ranging from $46.98 million to $48.70 million. Independent Bank reported sales of $46.16 million in the same quarter last year, which indicates a positive year-over-year growth rate of 3.9%. The business is expected to report its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Independent Bank will report full-year sales of $191.67 million for the current financial year, with estimates ranging from $187.80 million to $194.70 million. For the next financial year, analysts expect that the company will post sales of $202.25 million, with estimates ranging from $193.06 million to $209.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Independent Bank.
Independent Bank (NASDAQ:IBCP – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.34. Independent Bank had a return on equity of 15.90% and a net margin of 29.29%. During the same period last year, the firm posted $1.00 earnings per share.
Several brokerages recently issued reports on IBCP. Zacks Investment Research upgraded Independent Bank from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Wednesday, January 12th. StockNews.com began coverage on Independent Bank in a research report on Thursday, March 31st. They issued a “hold” rating for the company.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBCP. Lindbrook Capital LLC acquired a new stake in shares of Independent Bank in the 1st quarter valued at approximately $26,000. CWM LLC raised its stake in Independent Bank by 592.5% in the 1st quarter. CWM LLC now owns 1,295 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 1,108 shares during the period. BNP Paribas Arbitrage SA raised its stake in Independent Bank by 86.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 2,852 shares during the period. Citigroup Inc. raised its stake in Independent Bank by 36.2% in the 4th quarter. Citigroup Inc. now owns 7,971 shares of the financial services provider’s stock valued at $190,000 after acquiring an additional 2,118 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Independent Bank by 361.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,766 shares of the financial services provider’s stock valued at $209,000 after acquiring an additional 6,868 shares during the period. 81.57% of the stock is owned by institutional investors.
Shares of IBCP opened at $20.51 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.72 and a current ratio of 0.74. The stock has a 50 day simple moving average of $22.61 and a 200 day simple moving average of $23.28. Independent Bank has a 52-week low of $19.60 and a 52-week high of $26.00. The firm has a market capitalization of $436.39 million, a PE ratio of 7.15 and a beta of 1.00.
The company also recently declared a quarterly dividend, which will be paid on Monday, May 16th. Shareholders of record on Thursday, May 5th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Wednesday, May 4th. Independent Bank’s dividend payout ratio (DPR) is currently 30.66%.
About Independent Bank (Get Rating)
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. 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 machine, and Internet and mobile banking services.
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