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

Independent Bank (NASDAQ:IBCP) announced its quarterly earnings results on Thursday. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates 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 Trading Up 1.3 %

IBCP opened at $35.24 on Friday. The stock has a market capitalization of $736.16 million, a P/E ratio of 11.99 and a beta of 1.03. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The firm’s fifty day simple moving average is $36.07 and its 200 day simple moving average is $34.07. 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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.95%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, February 4th. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

Insider Activity at Independent Bank

In related news, EVP Gavin A. Mohr acquired 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at $685,082.02. The trade was a 4.48 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.45% of the stock is currently owned by 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.