Independent Bank (NASDAQ:IBCP) Posts Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Independent Bank (NASDAQ:IBCP) announced its earnings results on Thursday. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11), RTT News reports. The business had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same quarter in the previous year, the company posted $0.83 EPS.

Independent Bank Price Performance

Independent Bank stock opened at $32.58 on Friday. The business’s 50-day simple moving average is $33.20 and its 200 day simple moving average is $29.16. The stock has a market cap of $680.92 million, a price-to-earnings ratio of 10.44 and a beta of 0.99. Independent Bank has a 12-month low of $18.61 and a 12-month high of $35.97. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.95%. The ex-dividend date is Tuesday, November 5th. Independent Bank’s dividend payout ratio is 30.77%.

Analyst Ratings Changes

Several analysts have recently commented on IBCP shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler raised their price target on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a report on Monday, July 29th.

Insider Activity at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the transaction, the director now owns 4,163 shares of the company’s stock, valued at approximately $136,754.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.45% of the stock is owned by company insiders.

About Independent Bank

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.