Independent Bank (NASDAQ:IBCP) Issues Earnings Results

Independent Bank (NASDAQ:IBCP) announced 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. The company had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same period in the previous year, the company earned $0.83 EPS.

Independent Bank Stock Performance

Shares of NASDAQ IBCP opened at $32.58 on Friday. The business has a fifty day simple moving average of $33.20 and a 200 day simple moving average of $29.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $680.92 million, a price-to-earnings ratio of 10.44 and a beta of 0.99. Independent Bank has a one year low of $18.61 and a one year high of $35.97.

Independent Bank Dividend Announcement

The company also recently announced 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 dividend yield of 2.95%. Independent Bank’s payout ratio is 30.77%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Piper Sandler upped their target price on Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.

Insider Activity at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $32.76, for a total value of $32,760.00. Following the sale, the director now directly owns 5,563 shares in the company, valued at $182,243.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.45% of the stock is currently owned by corporate insiders.

About Independent Bank

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.