$0.32 EPS Expected for Independent Bank Co.(MI) (IBCP) This Quarter

Brokerages expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post $0.32 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings, with the highest EPS estimate coming in at $0.35 and the lowest estimate coming in at $0.28. Independent Bank Co.(MI) reported earnings per share of $0.27 during the same quarter last year, which would suggest a positive year over year growth rate of 18.5%. The business is expected to announce its next quarterly earnings results on Thursday, January 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year earnings of $1.18 per share for the current year, with EPS estimates ranging from $1.15 to $1.21. For the next fiscal year, analysts forecast that the firm will post earnings of $1.55 per share, with EPS estimates ranging from $1.48 to $1.63. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.01). Independent Bank Co.(MI) had a net margin of 17.75% and a return on equity of 9.52%. The firm had revenue of $33.22 million during the quarter, compared to the consensus estimate of $33.36 million.

A number of brokerages recently commented on IBCP. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Friday, October 27th. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Wednesday, September 27th. Keefe, Bruyette & Woods restated a “hold” rating and set a $24.00 price objective on shares of Independent Bank Co.(MI) in a research note on Friday, December 8th. Finally, Compass Point upgraded Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $24.00.

A number of institutional investors and hedge funds have recently modified their holdings of IBCP. SG Americas Securities LLC bought a new position in shares of Independent Bank Co.(MI) in the third quarter worth $149,000. Alliancebernstein L.P. bought a new position in shares of Independent Bank Co.(MI) in the second quarter worth $298,000. Voya Investment Management LLC grew its stake in shares of Independent Bank Co.(MI) by 7.7% in the second quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 1,243 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Independent Bank Co.(MI) by 37.6% in the second quarter. Parametric Portfolio Associates LLC now owns 17,995 shares of the financial services provider’s stock worth $391,000 after purchasing an additional 4,919 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Independent Bank Co.(MI) in the third quarter worth $450,000. Hedge funds and other institutional investors own 81.66% of the company’s stock.

Shares of Independent Bank Co (NASDAQ:IBCP) remained flat at $$22.65 during midday trading on Tuesday. 91,700 shares of the company traded hands, compared to its average volume of 113,400. Independent Bank Co has a 12-month low of $18.50 and a 12-month high of $23.65. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86. The firm has a market capitalization of $483.21, a P/E ratio of 19.87, a P/E/G ratio of 1.82 and a beta of 0.69.

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Independent Bank Co.(MI) Company Profile

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.

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