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.
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