Independent Bank (NASDAQ:IBCP) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Independent Bank (NASDAQ:IBCP) announced its earnings results on Thursday. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10, Zacks reports. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%.

Independent Bank Price Performance

Shares of NASDAQ:IBCP opened at $35.04 on Thursday. The company has a market cap of $731.99 million, a P/E ratio of 11.92 and a beta of 1.03. The business has a fifty day simple moving average of $36.12 and a 200-day simple moving average of $34.06. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is currently 32.65%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price objective on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $36.71 per share, with a total value of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.45% of the stock is owned by corporate insiders.

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.