Wall Street analysts expect Independent Bank Co. (NASDAQ:IBCP – Get Rating) to post $47.67 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Independent Bank’s earnings. The highest sales estimate is $48.20 million and the lowest is $47.40 million. Independent Bank reported sales of $46.16 million during the same quarter last year, which indicates a positive year over year growth rate of 3.3%. The company is scheduled to announce its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Independent Bank will report full year sales of $192.47 million for the current financial year, with estimates ranging from $189.30 million to $197.60 million. For the next fiscal year, analysts forecast that the company will post sales of $205.00 million, with estimates ranging from $204.40 million to $205.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Independent Bank.
Independent Bank (NASDAQ:IBCP – Get Rating) last released its quarterly earnings results on Tuesday, April 26th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.50 by $0.34. Independent Bank had a return on equity of 15.18% and a net margin of 28.08%. During the same period last year, the business posted $1.00 earnings per share.
Shares of IBCP stock opened at $19.67 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.74 and a quick ratio of 0.73. The stock’s fifty day moving average price is $21.52 and its 200 day moving average price is $23.04. The company has a market cap of $414.01 million, a price-to-earnings ratio of 7.26 and a beta of 1.00. Independent Bank has a 1-year low of $18.81 and a 1-year high of $26.00.
The business also recently declared a quarterly dividend, which was paid on Monday, May 16th. Investors of record on Thursday, May 5th were issued a $0.22 dividend. The ex-dividend date was Wednesday, May 4th. This represents a $0.88 annualized dividend and a dividend yield of 4.47%. Independent Bank’s dividend payout ratio is presently 32.47%.
In other Independent Bank news, Director Dennis W. Archer, Jr. acquired 2,000 shares of the stock in a transaction that occurred on Thursday, April 28th. The stock was bought at an average cost of $20.16 per share, for a total transaction of $40,320.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $100,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in IBCP. Lindbrook Capital LLC acquired a new stake in shares of Independent Bank during the first quarter worth about $26,000. CWM LLC grew its holdings in shares of Independent Bank by 592.5% during the first quarter. CWM LLC now owns 1,295 shares of the financial services provider’s stock worth $28,000 after buying an additional 1,108 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Independent Bank by 66.4% in the 1st quarter. Quadrant Capital Group LLC now owns 1,358 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings 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 purchasing an additional 2,852 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings 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 purchasing an additional 2,118 shares in the last quarter. Institutional investors and hedge funds own 79.61% of the company’s stock.
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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