Independent Bank (NASDAQ:IBCP) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Independent Bank (NASDAQ:IBCP) issued its quarterly earnings results on Thursday. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06, Zacks reports. Independent Bank had a net margin of 21.25% and a return on equity of 14.54%. The company had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million.

Independent Bank Stock Performance

Shares of IBCP stock opened at $35.05 on Thursday. The firm has a 50 day moving average of $33.11 and a 200-day moving average of $32.30. The company has a market cap of $725.18 million, a price-to-earnings ratio of 10.75 and a beta of 0.80. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.09. Independent Bank has a 52 week low of $26.75 and a 52 week high of $37.13.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio (DPR) is currently 31.90%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $36.00.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently bought and sold shares of IBCP. Integrated Wealth Concepts LLC bought a new stake in Independent Bank in the first quarter valued at $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Independent Bank by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after buying an additional 464 shares during the period. Millennium Management LLC increased its position in Independent Bank by 469.8% in the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock valued at $4,032,000 after buying an additional 107,972 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Independent Bank by 4.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock worth $9,206,000 after buying an additional 12,855 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Independent Bank by 24.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock worth $2,190,000 after acquiring an additional 13,926 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.