Zacks: Brokerages Anticipate Independent Bank Co.(MI) (NASDAQ:IBCP) Will Announce Quarterly Sales of $44.21 Million

Equities research analysts expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will report $44.21 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Independent Bank Co.(MI)’s earnings. The lowest sales estimate is $44.10 million and the highest is $44.32 million. Independent Bank Co.(MI) reported sales of $39.62 million in the same quarter last year, which would suggest a positive year over year growth rate of 11.6%. The business is scheduled to issue its next earnings results before the market opens on Thursday, January 23rd.

On average, analysts expect that Independent Bank Co.(MI) will report full-year sales of $168.22 million for the current fiscal year, with estimates ranging from $168.10 million to $168.33 million. For the next financial year, analysts anticipate that the firm will report sales of $172.76 million, with estimates ranging from $171.60 million to $173.91 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Independent Bank Co.(MI).

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

A number of analysts recently issued reports on IBCP shares. DA Davidson lowered Independent Bank Co.(MI) from a “buy” rating to a “neutral” rating and lowered their price target for the company from $26.00 to $24.00 in a report on Friday. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Friday. Boenning Scattergood reiterated a “neutral” rating on shares of Independent Bank Co.(MI) in a report on Tuesday, January 14th. BidaskClub lowered Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 8th. Finally, ValuEngine upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Shares of NASDAQ IBCP traded down $0.26 during trading hours on Tuesday, reaching $22.55. The stock had a trading volume of 192,088 shares, compared to its average volume of 87,307. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 0.30. The firm has a market cap of $512.80 million, a price-to-earnings ratio of 12.46 and a beta of 0.51. The business’s fifty day moving average price is $22.45 and its two-hundred day moving average price is $21.57. Independent Bank Co has a 52-week low of $18.94 and a 52-week high of $23.93.

In other Independent Bank Co.(MI) news, EVP Robert N. Shuster sold 8,264 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $22.39, for a total transaction of $185,030.96. Following the completion of the sale, the executive vice president now owns 58,088 shares in the company, valued at $1,300,590.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.22% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its holdings in Independent Bank Co.(MI) by 16.5% during the third quarter. Russell Investments Group Ltd. now owns 887,672 shares of the financial services provider’s stock worth $18,921,000 after buying an additional 125,967 shares during the period. Millennium Management LLC lifted its holdings in Independent Bank Co.(MI) by 214.7% during the third quarter. Millennium Management LLC now owns 331,496 shares of the financial services provider’s stock worth $7,065,000 after buying an additional 226,158 shares during the period. Nuveen Asset Management LLC purchased a new stake in Independent Bank Co.(MI) during the second quarter worth $6,719,000. Foundry Partners LLC lifted its holdings in Independent Bank Co.(MI) by 24.3% during the third quarter. Foundry Partners LLC now owns 247,570 shares of the financial services provider’s stock worth $5,277,000 after buying an additional 48,425 shares during the period. Finally, Invesco Ltd. lifted its holdings in Independent Bank Co.(MI) by 1.0% during the second quarter. Invesco Ltd. now owns 154,533 shares of the financial services provider’s stock worth $3,367,000 after buying an additional 1,505 shares during the period. Institutional investors own 80.74% of the company’s stock.

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.

Recommended Story: Stock Symbol

Get a free copy of the Zacks research report on Independent Bank Co.(MI) (IBCP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Independent Bank Co.(MI) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Co.(MI) and related companies with MarketBeat.com's FREE daily email newsletter.