Independent Bank Co. (NASDAQ:IBCP) Expected to Announce Quarterly Sales of $47.96 Million

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Equities research analysts expect that Independent Bank Co. (NASDAQ:IBCPGet Rating) will announce $47.96 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Independent Bank’s earnings, with estimates ranging from $46.98 million to $48.70 million. Independent Bank posted sales of $46.16 million during the same quarter last year, which suggests a positive year-over-year growth rate of 3.9%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, 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 fiscal year, analysts expect that the business will report sales of $202.25 million, with estimates ranging from $193.06 million to $209.10 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Independent Bank.

Independent Bank (NASDAQ:IBCPGet Rating) last issued its earnings results on Tuesday, April 26th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.34. Independent Bank had a net margin of 29.29% and a return on equity of 15.90%. During the same quarter last year, the company posted $1.00 earnings per share.

A number of research analysts have recently weighed in on IBCP shares. StockNews.com started coverage on shares of Independent Bank in a report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research upgraded shares of Independent Bank from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Wednesday, January 12th.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Credit Suisse AG raised its holdings in Independent Bank by 4.4% in the 4th quarter. Credit Suisse AG now owns 15,559 shares of the financial services provider’s stock worth $371,000 after acquiring an additional 657 shares during the period. Voya Investment Management LLC increased its holdings in shares of Independent Bank by 3.1% during the 3rd quarter. Voya Investment Management LLC now owns 22,250 shares of the financial services provider’s stock worth $478,000 after purchasing an additional 664 shares during the period. Deutsche Bank AG increased its holdings in shares of Independent Bank by 5.6% during the 4th quarter. Deutsche Bank AG now owns 12,539 shares of the financial services provider’s stock worth $299,000 after purchasing an additional 666 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Independent Bank by 3.2% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 22,567 shares of the financial services provider’s stock worth $485,000 after purchasing an additional 696 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Independent Bank by 10.2% during the 3rd quarter. Royal Bank of Canada now owns 10,723 shares of the financial services provider’s stock worth $230,000 after purchasing an additional 993 shares during the period. Hedge funds and other institutional investors own 81.57% of the company’s stock.

Independent Bank stock opened at $20.51 on Thursday. The company has a market capitalization of $436.39 million, a P/E ratio of 7.15 and a beta of 1.00. The firm’s fifty day simple moving average is $22.61 and its 200-day simple moving average is $23.28. The company has a current ratio of 0.74, a quick ratio of 0.72 and a debt-to-equity ratio of 0.27. Independent Bank has a 1-year low of $19.60 and a 1-year high of $26.00.

The company also recently announced a quarterly dividend, which will be paid on Monday, May 16th. Investors of record on Thursday, May 5th will be issued a $0.22 dividend. The ex-dividend date is Wednesday, May 4th. This represents a $0.88 annualized dividend and a yield of 4.29%. Independent Bank’s dividend payout ratio (DPR) is presently 30.66%.

Independent Bank Company Profile (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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Earnings History and Estimates for Independent Bank (NASDAQ:IBCP)



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