Independent Bank (NASDAQ:IBCP) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Independent Bank (NASDAQ:IBCP) issued its quarterly earnings data on Thursday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10, Zacks reports. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%.

Independent Bank Price Performance

NASDAQ IBCP opened at $35.60 on Friday. The firm’s fifty day simple moving average is $36.02 and its two-hundred day simple moving average is $34.14. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 12-month low of $22.53 and a 12-month high of $40.32. The firm has a market capitalization of $743.68 million, a P/E ratio of 12.11 and a beta of 1.03.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.26 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.92%. The ex-dividend date is Tuesday, February 4th. Independent Bank’s payout ratio is currently 32.65%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 price objective (up from $39.00) on shares of Independent Bank in a report on Friday.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

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.