Independent Bank Corporation (IBCP) Issues Quarterly Earnings Results

Independent Bank Corporation (NASDAQ:IBCP) released its earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01), Bloomberg Earnings reports. The business had revenue of $33.22 million for the quarter, compared to analysts’ expectations of $33.36 million. Independent Bank Corporation had a net margin of 17.75% and a return on equity of 9.52%.

Independent Bank Corporation (NASDAQ:IBCP) traded up $0.05 during trading on Friday, reaching $21.60. The company’s stock had a trading volume of 38,800 shares, compared to its average volume of 58,482. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.40. Independent Bank Corporation has a 1 year low of $17.48 and a 1 year high of $23.65. The firm has a market capitalization of $460.77, a price-to-earnings ratio of 18.95, a P/E/G ratio of 2.24 and a beta of 0.71.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.12 per share. This is a positive change from Independent Bank Corporation’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, November 3rd. Independent Bank Corporation’s dividend payout ratio is currently 42.11%.

Several brokerages recently commented on IBCP. BidaskClub cut Independent Bank Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Friday, October 27th. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Wednesday, September 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $22.00 target price on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $22.67.

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About Independent Bank Corporation

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 Corporation (NASDAQ:IBCP)

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