Brokerages Anticipate Independent Bank Corporation (IBCP) Will Announce Quarterly Sales of $33.02 Million

Analysts forecast that Independent Bank Corporation (NASDAQ:IBCP) will post sales of $33.02 million for the current quarter, Zacks reports. Three analysts have provided estimates for Independent Bank Corporation’s earnings, with the highest sales estimate coming in at $33.60 million and the lowest estimate coming in at $32.10 million. Independent Bank Corporation reported sales of $31.71 million in the same quarter last year, which would suggest a positive year over year growth rate of 4.1%. The firm is expected to report its next quarterly earnings report on Thursday, October 26th.

According to Zacks, analysts expect that Independent Bank Corporation will report full year sales of $33.02 million for the current year, with estimates ranging from $128.60 million to $132.30 million. For the next financial year, analysts forecast that the firm will post sales of $140.15 million per share, with estimates ranging from $135.20 million to $145.45 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Independent Bank Corporation.

Independent Bank Corporation (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.58%. The business had revenue of $31.94 million for the quarter, compared to the consensus estimate of $32.55 million.

Several brokerages have commented on IBCP. BidaskClub downgraded shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research downgraded shares of Independent Bank Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. ValuEngine raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. DA Davidson started coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price objective for the company. Finally, Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.17.

Independent Bank Corporation (NASDAQ IBCP) opened at 20.60 on Friday. The firm has a market cap of $439.46 million, a price-to-earnings ratio of 18.05 and a beta of 0.50. Independent Bank Corporation has a 52-week low of $15.19 and a 52-week high of $23.65. The firm has a 50-day moving average of $21.21 and a 200 day moving average of $21.15.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, August 3rd. Independent Bank Corporation’s dividend payout ratio is currently 35.71%.

In other news, CEO William B. Kessel sold 3,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $22.42, for a total transaction of $67,260.00. Following the completion of the sale, the chief executive officer now owns 107,428 shares in the company, valued at approximately $2,408,535.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.72% of the company’s stock.

Hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Independent Bank Corporation by 4.2% in the fourth quarter. State Street Corp now owns 407,458 shares of the financial services provider’s stock valued at $8,842,000 after buying an additional 16,297 shares during the period. KBC Group NV boosted its stake in shares of Independent Bank Corporation by 19.0% in the first quarter. KBC Group NV now owns 15,434 shares of the financial services provider’s stock valued at $319,000 after buying an additional 2,467 shares during the period. Bank of Montreal Can boosted its stake in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock valued at $780,000 after buying an additional 33,620 shares during the period. Norges Bank acquired a new stake in shares of Independent Bank Corporation during the fourth quarter valued at $824,000. Finally, Rothschild Asset Management Inc. boosted its stake in shares of Independent Bank Corporation by 20.8% in the first quarter. Rothschild Asset Management Inc. now owns 93,496 shares of the financial services provider’s stock valued at $1,935,000 after buying an additional 16,068 shares during the period. Institutional investors and hedge funds own 81.36% of the company’s stock.

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About Independent Bank Corporation

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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