Independent Bank (NASDAQ:IBCP) Announces Quarterly Earnings Results, Misses Estimates By $0.11 EPS

Independent Bank (NASDAQ:IBCP) released its earnings results on Thursday. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11), RTT News reports. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The firm had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period in the previous year, the firm earned $0.83 earnings per share.

Independent Bank Price Performance

IBCP stock opened at $32.58 on Friday. Independent Bank has a one year low of $18.61 and a one year high of $35.97. The firm has a 50-day moving average of $33.20 and a two-hundred day moving average of $29.19. The firm has a market capitalization of $680.92 million, a PE ratio of 10.44 and a beta of 0.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.95%. Independent Bank’s dividend payout ratio is currently 30.77%.

Insider Transactions at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the sale, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.45% of the stock is currently owned by insiders.

Analyst Ratings Changes

IBCP has been the topic of several recent research reports. Piper Sandler lifted their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.

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.