$0.46 EPS Expected for Independent Bank Co.(MI) (IBCP) This Quarter

Equities research analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to post $0.46 earnings per share for the current quarter, Zacks reports. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings, with the lowest EPS estimate coming in at $0.45 and the highest estimate coming in at $0.47. Independent Bank Co.(MI) reported earnings per share of $0.38 in the same quarter last year, which would suggest a positive year over year growth rate of 21.1%. The company is scheduled to report its next quarterly earnings report before the market opens on Monday, April 22nd.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full year earnings of $1.95 per share for the current financial year, with EPS estimates ranging from $1.92 to $1.98. For the next year, analysts forecast that the firm will post earnings of $2.13 per share, with EPS estimates ranging from $2.11 to $2.15. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that cover Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.07). The firm had revenue of $39.62 million for the quarter, compared to analysts’ expectations of $41.37 million. Independent Bank Co.(MI) had a net margin of 22.71% and a return on equity of 12.72%.

A number of research analysts have recently commented on IBCP shares. BidaskClub lowered shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Thursday, January 31st. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, January 31st. Finally, ValuEngine lowered shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $26.00.

In other news, insider Robert N. Shuster sold 5,255 shares of Independent Bank Co.(MI) stock in a transaction on Monday, February 25th. The shares were sold at an average price of $23.25, for a total transaction of $122,178.75. Following the completion of the sale, the insider now directly owns 58,188 shares of the company’s stock, valued at approximately $1,352,871. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.22% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Independent Bank Co.(MI) by 18.1% during the 4th quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock worth $52,921,000 after acquiring an additional 385,851 shares during the last quarter. PL Capital Advisors LLC lifted its holdings in shares of Independent Bank Co.(MI) by 40.5% during the 4th quarter. PL Capital Advisors LLC now owns 1,627,285 shares of the financial services provider’s stock worth $34,206,000 after acquiring an additional 469,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Independent Bank Co.(MI) by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,006,581 shares of the financial services provider’s stock worth $23,806,000 after acquiring an additional 21,323 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Independent Bank Co.(MI) by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 1,006,581 shares of the financial services provider’s stock worth $23,806,000 after acquiring an additional 21,323 shares during the last quarter. Finally, Maltese Capital Management LLC lifted its holdings in shares of Independent Bank Co.(MI) by 19.2% during the 3rd quarter. Maltese Capital Management LLC now owns 999,704 shares of the financial services provider’s stock worth $23,643,000 after acquiring an additional 160,804 shares during the last quarter. 79.06% of the stock is owned by institutional investors.

Shares of IBCP traded down $0.33 during mid-day trading on Friday, reaching $21.99. 78,327 shares of the stock traded hands, compared to its average volume of 105,099. The firm has a market capitalization of $530.09 million, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.41 and a beta of 0.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. Independent Bank Co has a 1 year low of $20.18 and a 1 year high of $27.10.

About Independent Bank Co.(MI)

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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