Independent Bank Co.(MI) (NASDAQ:IBCP) Releases Earnings Results, Beats Estimates By $0.03 EPS

Independent Bank Co.(MI) (NASDAQ:IBCP) announced its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.03, Morningstar.com reports. Independent Bank Co.(MI) had a net margin of 14.54% and a return on equity of 10.10%. The business had revenue of $34.76 million for the quarter, compared to the consensus estimate of $34.23 million.

Shares of Independent Bank Co (IBCP) opened at $23.00 on Thursday. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $24.20. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.40. The firm has a market cap of $486.41, a price-to-earnings ratio of 18.69, a P/E/G ratio of 1.75 and a beta of 0.24.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, February 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.61%. This is a positive change from Independent Bank Co.(MI)’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, February 6th. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is presently 63.16%.

A number of hedge funds and other institutional investors have recently bought and sold shares of IBCP. Bank of New York Mellon Corp boosted its stake in Independent Bank Co.(MI) by 9.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 151,372 shares of the financial services provider’s stock valued at $3,292,000 after acquiring an additional 13,313 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Independent Bank Co.(MI) by 8.3% in the 2nd quarter. Prudential Financial Inc. now owns 38,420 shares of the financial services provider’s stock worth $836,000 after buying an additional 2,950 shares during the last quarter. Swiss National Bank bought a new position in shares of Independent Bank Co.(MI) in the 2nd quarter worth about $779,000. Wells Fargo & Company MN lifted its position in shares of Independent Bank Co.(MI) by 13.3% in the 2nd quarter. Wells Fargo & Company MN now owns 118,762 shares of the financial services provider’s stock worth $2,583,000 after buying an additional 13,951 shares during the last quarter. Finally, Alliancebernstein L.P. bought a new position in shares of Independent Bank Co.(MI) in the 2nd quarter worth about $298,000. Hedge funds and other institutional investors own 82.09% of the company’s stock.

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $24.00 price target on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. BidaskClub raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Wednesday, January 31st. Compass Point raised shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Zacks Investment Research raised shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Wednesday, January 3rd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $24.00.

Independent Bank Co.(MI) announced that its board has authorized a share buyback plan on Tuesday, January 30th that permits the company to buyback 500% of shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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About Independent Bank Co.(MI)

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Earnings History for Independent Bank Co.(MI) (NASDAQ:IBCP)

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