Independent Bank (NASDAQ:IBCP – Get Free Report) will be posting its quarterly earnings results before the market opens on Thursday, April 25th. Analysts expect Independent Bank to post earnings of $0.65 per share for the quarter. Parties that wish to register for the company’s conference call can do so using this link.
Independent Bank (NASDAQ:IBCP – Get Free Report) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.71 by $0.08. The firm had revenue of $49.21 million during the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a return on equity of 16.28% and a net margin of 20.34%. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.
Independent Bank Stock Down 0.2 %
IBCP opened at $23.20 on Thursday. The business has a 50 day moving average price of $24.30 and a two-hundred day moving average price of $23.22. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.32. The company has a market cap of $485.11 million, a PE ratio of 8.32 and a beta of 0.97. Independent Bank has a 52 week low of $14.90 and a 52 week high of $27.39.
Independent Bank Increases Dividend
Hedge Funds Weigh In On Independent Bank
A number of large investors have recently modified their holdings of IBCP. BlackRock Inc. grew its holdings in shares of Independent Bank by 6.1% in the 1st quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider’s stock worth $60,089,000 after acquiring an additional 156,812 shares during the period. Millennium Management LLC grew its holdings in Independent Bank by 79.2% during the 4th quarter. Millennium Management LLC now owns 239,588 shares of the financial services provider’s stock valued at $5,731,000 after buying an additional 105,922 shares during the last quarter. State Street Corp grew its holdings in Independent Bank by 16.0% during the 1st quarter. State Street Corp now owns 682,518 shares of the financial services provider’s stock valued at $12,128,000 after buying an additional 93,938 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 44.1% during the second quarter. Goldman Sachs Group Inc. now owns 302,224 shares of the financial services provider’s stock worth $5,827,000 after purchasing an additional 92,446 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Independent Bank by 54.2% during the third quarter. AQR Capital Management LLC now owns 215,958 shares of the financial services provider’s stock worth $3,961,000 after purchasing an additional 75,878 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Separately, Hovde Group started coverage on Independent Bank in a research note on Monday, March 4th. They set a “market perform” rating for the company.
Check Out Our Latest Analysis on IBCP
Independent Bank Company Profile
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.
Featured Stories
- Five stocks we like better than Independent Bank
- 3 Stocks to Consider Buying in October
- United Airlines Soars on Earnings Beat
- The Significance of Brokerage Rankings in Stock Selection
- J.B. Hunt Hits the Skids: Lower Prices to Come
- What Are Dividends? Buy the Best Dividend Stocks
- Predicting a Bear Market: 7 Signs and Why it’s Tough to Do
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.