Independent Bank (NASDAQ:IBCP) Announces Earnings Results

Independent Bank (NASDAQ:IBCP) announced its quarterly earnings data on Thursday. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17, Zacks reports. The firm had revenue of $81.51 million for the quarter, compared to the consensus estimate of $53.50 million. Independent Bank had a net margin of 21.11% and a return on equity of 17.24%. During the same period in the prior year, the company posted $0.70 earnings per share.

Independent Bank Trading Down 2.4 %

NASDAQ IBCP traded down $0.84 during trading hours on Friday, reaching $34.29. The company’s stock had a trading volume of 158,544 shares, compared to its average volume of 157,406. The firm has a fifty day simple moving average of $26.65 and a 200-day simple moving average of $25.44. The stock has a market cap of $716.66 million, a P/E ratio of 11.66 and a beta of 1.01. Independent Bank has a 52 week low of $16.90 and a 52 week high of $35.97. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.87 and a quick ratio of 0.87.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.80%. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

Insider Activity at Independent Bank

In related news, Director Christina Keller sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $23.62, for a total value of $56,688.00. Following the completion of the transaction, the director now owns 6,563 shares in the company, valued at approximately $155,018.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Independent Bank news, EVP Stefanie M. Kimball sold 1,700 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total transaction of $41,633.00. Following the completion of the transaction, the executive vice president now owns 61,784 shares in the company, valued at approximately $1,513,090.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christina Keller sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.62, for a total transaction of $56,688.00. Following the transaction, the director now owns 6,563 shares of the company’s stock, valued at approximately $155,018.06. The disclosure for this sale can be found here. Insiders sold a total of 5,600 shares of company stock worth $135,821 in the last quarter. 5.45% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

IBCP has been the topic of a number of analyst reports. Piper Sandler upgraded shares of Independent Bank to a “hold” rating in a research note on Tuesday, June 11th. DA Davidson reissued a “neutral” rating and issued a $28.00 target price on shares of Independent Bank in a report on Tuesday, April 30th.

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.