$43.92 Million in Sales Expected for Independent Bank Co.(MI) (NASDAQ:IBCP) This Quarter

Brokerages expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will post $43.92 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Independent Bank Co.(MI)’s earnings. The highest sales estimate is $44.10 million and the lowest is $43.73 million. Independent Bank Co.(MI) posted sales of $39.62 million during the same quarter last year, which suggests a positive year over year growth rate of 10.9%. The company is expected to issue its next earnings results on Tuesday, February 4th.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full-year sales of $167.73 million for the current fiscal year, with estimates ranging from $167.35 million to $168.10 million. For the next year, analysts anticipate that the firm will report sales of $173.84 million, with estimates ranging from $171.60 million to $176.07 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.04. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. The firm had revenue of $43.15 million for the quarter, compared to the consensus estimate of $42.73 million.

IBCP has been the subject of a number of research reports. BidaskClub cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Thursday, October 10th. Finally, ValuEngine raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd.

Shares of NASDAQ:IBCP traded down $0.06 on Thursday, hitting $22.62. The company had a trading volume of 37,900 shares, compared to its average volume of 103,852. The stock has a market cap of $517.97 million, a price-to-earnings ratio of 13.46 and a beta of 0.51. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. Independent Bank Co has a 1-year low of $18.94 and a 1-year high of $23.93. The stock has a 50 day moving average price of $21.68 and a 200 day moving average price of $21.26.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Wednesday, November 6th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 42.86%.

Several hedge funds have recently bought and sold shares of the company. Quantamental Technologies LLC raised its holdings in Independent Bank Co.(MI) by 136.7% in the 2nd quarter. Quantamental Technologies LLC now owns 1,851 shares of the financial services provider’s stock valued at $40,000 after buying an additional 1,069 shares during the last quarter. Aperio Group LLC bought a new position in Independent Bank Co.(MI) in the 2nd quarter valued at approximately $135,000. Meeder Asset Management Inc. raised its holdings in Independent Bank Co.(MI) by 55.8% in the 2nd quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock valued at $155,000 after buying an additional 2,542 shares during the last quarter. Gyroscope Capital Management Group LLC bought a new position in Independent Bank Co.(MI) in the 3rd quarter valued at approximately $169,000. Finally, Algert Global LLC bought a new position in Independent Bank Co.(MI) in the 2nd quarter valued at approximately $242,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

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