Independent Bank (NASDAQ:IBCP) Posts Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Independent Bank (NASDAQ:IBCP) released its earnings results on Tuesday. The financial services provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.03), FiscalAI reports. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. The firm had revenue of $71.07 million during the quarter, compared to the consensus estimate of $68.86 million.

Independent Bank Trading Up 0.1%

Shares of Independent Bank stock opened at $37.01 on Tuesday. The business has a fifty day simple moving average of $36.34 and a two-hundred day simple moving average of $35.32. Independent Bank has a 1 year low of $29.83 and a 1 year high of $39.24. The company has a market capitalization of $821.62 million, a price-to-earnings ratio of 10.76 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.94.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, November 3rd. Independent Bank’s dividend payout ratio is 32.56%.

Analyst Ratings Changes

IBCP has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research report on Friday, September 4th. Hovde Group raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $36.00 to $41.00 in a research report on Friday, July 10th. Piper Sandler upgraded shares of Independent Bank from a “neutral” rating to an “overweight” rating and set a $42.00 price objective on the stock in a research note on Friday, October 2nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.50.

Insider Buying and Selling

In other news, CEO William Kessel sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $37.28, for a total transaction of $74,560.00. Following the completion of the sale, the chief executive officer owned 157,836 shares in the company, valued at approximately $5,884,126.08. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.91% of the stock is currently owned by company insiders.

Independent Bank Company Profile

Independent Bank Corp. is the bank holding company for Independent Bank, a community banking institution headquartered in Ionia, Michigan. The bank serves individuals, families, farmers, small businesses and commercial customers through a network of branches and digital banking services across Michigan’s Lower Peninsula.

Independent Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, agricultural loans and commercial lending.