$43.30 Million in Sales Expected for Independent Bank Co.(MI) (NASDAQ:IBCP) This Quarter

Wall Street brokerages forecast that Independent Bank Co.(MI) (NASDAQ:IBCP) will report sales of $43.30 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Independent Bank Co.(MI)’s earnings. The lowest sales estimate is $42.70 million and the highest is $43.61 million. Independent Bank Co.(MI) reported sales of $41.53 million during the same quarter last year, which indicates a positive year over year growth rate of 4.3%. The business is scheduled to report its next earnings report on Thursday, October 24th.

On average, analysts expect that Independent Bank Co.(MI) will report full year sales of $169.38 million for the current year, with estimates ranging from $167.90 million to $170.84 million. For the next year, analysts forecast that the company will report sales of $180.44 million, with estimates ranging from $175.50 million to $183.72 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The business had revenue of $40.66 million during the quarter, compared to analyst estimates of $42.62 million. Independent Bank Co.(MI) had a net margin of 22.60% and a return on equity of 12.35%.

A number of equities analysts have recently weighed in on IBCP shares. BidaskClub downgraded Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a report on Thursday, July 18th. Zacks Investment Research downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $25.50.

Several institutional investors and hedge funds have recently bought and sold shares of the company. PL Capital Advisors LLC boosted its position in shares of Independent Bank Co.(MI) by 12.3% in the first quarter. PL Capital Advisors LLC now owns 1,827,285 shares of the financial services provider’s stock valued at $39,287,000 after acquiring an additional 200,000 shares during the period. LSV Asset Management boosted its position in shares of Independent Bank Co.(MI) by 3.2% in the second quarter. LSV Asset Management now owns 769,300 shares of the financial services provider’s stock valued at $16,763,000 after acquiring an additional 24,100 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Independent Bank Co.(MI) by 20.7% in the second quarter. Russell Investments Group Ltd. now owns 761,705 shares of the financial services provider’s stock valued at $16,591,000 after acquiring an additional 130,868 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank Co.(MI) by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 482,146 shares of the financial services provider’s stock valued at $10,135,000 after acquiring an additional 20,591 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Independent Bank Co.(MI) by 68.0% in the second quarter. Wells Fargo & Company MN now owns 437,488 shares of the financial services provider’s stock valued at $9,532,000 after acquiring an additional 177,031 shares during the period. 76.61% of the stock is owned by institutional investors.

Shares of IBCP traded down $0.01 during trading hours on Thursday, reaching $19.48. The company’s stock had a trading volume of 76,100 shares, compared to its average volume of 109,189. The firm has a market cap of $469.22 million, a price-to-earnings ratio of 11.60, a P/E/G ratio of 1.35 and a beta of 0.42. Independent Bank Co has a 1-year low of $19.35 and a 1-year high of $25.65. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average of $21.27 and a two-hundred day moving average of $21.83.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Tuesday, August 6th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, August 5th. This represents a $0.72 dividend on an annualized basis and a yield of 3.70%. Independent Bank Co.(MI)’s payout ratio is currently 42.86%.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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