Zacks: Analysts Expect Independent Bank Co.(MI) (IBCP) Will Post Quarterly Sales of $40.69 Million

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Wall Street brokerages expect Independent Bank Co.(MI) (NASDAQ:IBCP) to announce $40.69 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with estimates ranging from $38.90 million to $41.77 million. Independent Bank Co.(MI) posted sales of $33.22 million during the same quarter last year, which suggests a positive year over year growth rate of 22.5%. The business is expected to announce its next quarterly earnings results before the market opens on Thursday, October 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full year sales of $158.76 million for the current fiscal year, with estimates ranging from $155.30 million to $161.17 million. For the next year, analysts anticipate that the business will report sales of $173.82 million, with estimates ranging from $166.60 million to $181.45 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.05. Independent Bank Co.(MI) had a return on equity of 11.84% and a net margin of 16.92%. The firm had revenue of $41.30 million during the quarter, compared to analysts’ expectations of $38.70 million.

Several research analysts have recently issued reports on IBCP shares. DA Davidson upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Monday, October 1st. BidaskClub cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Monday, July 16th. ValuEngine upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating in a research report on Tuesday, June 26th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Monday, July 30th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Independent Bank Co.(MI) has a consensus rating of “Hold” and an average target price of $26.50.

Shares of NASDAQ:IBCP traded up $0.11 during trading on Friday, hitting $24.09. The stock had a trading volume of 104,700 shares, compared to its average volume of 117,108. Independent Bank Co has a 12-month low of $21.25 and a 12-month high of $27.10. The stock has a market cap of $571.17 million, a price-to-earnings ratio of 19.66, a PEG ratio of 1.68 and a beta of 0.06. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.24.

In related news, Director Michael M. Magee, Jr. sold 15,000 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $24.80, for a total transaction of $372,000.00. Following the completion of the transaction, the director now directly owns 34,814 shares in the company, valued at $863,387.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.22% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Mackay Shields LLC purchased a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $242,000. Globeflex Capital L P increased its position in shares of Independent Bank Co.(MI) by 14.7% in the second quarter. Globeflex Capital L P now owns 17,200 shares of the financial services provider’s stock valued at $439,000 after buying an additional 2,200 shares in the last quarter. Bank of Montreal Can increased its position in shares of Independent Bank Co.(MI) by 87.5% in the second quarter. Bank of Montreal Can now owns 67,596 shares of the financial services provider’s stock valued at $1,724,000 after buying an additional 31,546 shares in the last quarter. EAM Global Investors LLC purchased a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $1,206,000. Finally, First Trust Advisors LP increased its position in shares of Independent Bank Co.(MI) by 26.2% in the second quarter. First Trust Advisors LP now owns 57,571 shares of the financial services provider’s stock valued at $1,468,000 after buying an additional 11,937 shares in the last quarter. Institutional investors and hedge funds own 77.24% of the company’s stock.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. 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 machines, and Internet and mobile banking services.

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

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