Zacks: Analysts Expect Independent Bank Co.(MI) (IBCP) Will Announce Quarterly Sales of $33.69 Million
Wall Street analysts expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will report sales of $33.69 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Independent Bank Co.(MI)’s earnings. The highest sales estimate is $34.28 million and the lowest is $33.30 million. Independent Bank Co.(MI) posted sales of $31.81 million during the same quarter last year, which would indicate a positive year over year growth rate of 5.9%. The company is scheduled to announce its next earnings results on Monday, April 23rd.
According to Zacks, analysts expect that Independent Bank Co.(MI) will report full year sales of $33.69 million for the current year, with estimates ranging from $147.70 million to $156.19 million. For the next year, analysts forecast that the firm will post sales of $170.88 million per share, with estimates ranging from $165.60 million to $178.03 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Independent Bank Co.(MI).
Independent Bank Co.(MI) (NASDAQ:IBCP) last released its earnings results on Tuesday, January 30th. The financial services provider reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. Independent Bank Co.(MI) had a return on equity of 10.10% and a net margin of 14.54%. The firm had revenue of $34.76 million during the quarter, compared to analysts’ expectations of $34.23 million.
Independent Bank Co (IBCP) opened at $22.80 on Wednesday. Independent Bank Co has a one year low of $18.50 and a one year high of $24.20. The company has a market capitalization of $485.35, a price-to-earnings ratio of 18.65, a P/E/G ratio of 1.74 and a beta of 0.24. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.40.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, February 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.63%. This is an increase from Independent Bank Co.(MI)’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, February 6th. Independent Bank Co.(MI)’s payout ratio is 63.16%.
Independent Bank Co.(MI) announced that its Board of Directors has initiated a share buyback program on Tuesday, January 30th that allows the company to buyback 500% of shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its holdings in Independent Bank Co.(MI) by 8.3% during the 4th quarter. Renaissance Technologies LLC now owns 897,891 shares of the financial services provider’s stock worth $20,068,000 after buying an additional 69,191 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Independent Bank Co.(MI) by 12.0% during the 4th quarter. Geode Capital Management LLC now owns 197,629 shares of the financial services provider’s stock worth $4,416,000 after buying an additional 21,154 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Independent Bank Co.(MI) during the 4th quarter worth about $599,000. Ramsey Quantitative Systems purchased a new stake in Independent Bank Co.(MI) during the 4th quarter worth about $125,000. Finally, Citadel Advisors LLC lifted its holdings in Independent Bank Co.(MI) by 8.8% during the 4th quarter. Citadel Advisors LLC now owns 44,117 shares of the financial services provider’s stock worth $986,000 after buying an additional 3,577 shares during the last quarter. 82.09% of the stock is owned by institutional investors.
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Independent Bank Co.(MI) Company Profile
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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