Independent Bank (NASDAQ:IBCP) Issues Earnings Results

Independent Bank (NASDAQ:IBCPGet Rating) announced its earnings results on Tuesday. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05, Fidelity Earnings reports. Independent Bank had a net margin of 28.08% and a return on equity of 15.18%. During the same quarter last year, the firm posted $0.56 earnings per share.

Independent Bank Price Performance

Independent Bank stock traded down $0.04 during mid-day trading on Thursday, hitting $20.43. The stock had a trading volume of 443 shares, compared to its average volume of 93,518. The firm has a market capitalization of $430.01 million, a P/E ratio of 7.55 and a beta of 0.97. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $19.24 and its 200 day moving average is $21.57. Independent Bank has a one year low of $17.87 and a one year high of $26.00.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 16th. Investors of record on Friday, August 5th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 4.31%. The ex-dividend date of this dividend is Thursday, August 4th. Independent Bank’s dividend payout ratio is currently 32.47%.

Insider Buying and Selling

In other Independent Bank news, EVP Stefanie M. Kimball sold 2,239 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $19.43, for a total transaction of $43,503.77. Following the completion of the transaction, the executive vice president now owns 59,882 shares of the company’s stock, valued at approximately $1,163,507.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

Several hedge funds have recently made changes to their positions in IBCP. HighTower Advisors LLC raised its position in Independent Bank by 11.0% in the 1st quarter. HighTower Advisors LLC now owns 19,073 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 1,888 shares during the period. Swiss National Bank raised its position in Independent Bank by 4.4% in the 1st quarter. Swiss National Bank now owns 47,800 shares of the financial services provider’s stock worth $1,052,000 after purchasing an additional 2,000 shares during the period. BNP Paribas Arbitrage SA raised its position in Independent Bank by 12.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 25,751 shares of the financial services provider’s stock worth $567,000 after purchasing an additional 2,885 shares during the period. MetLife Investment Management LLC raised its position in Independent Bank by 44.8% in the 1st quarter. MetLife Investment Management LLC now owns 10,680 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 3,305 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Independent Bank by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 54,825 shares of the financial services provider’s stock worth $1,207,000 after purchasing an additional 3,370 shares during the period. 79.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IBCP. DA Davidson reduced their price objective on Independent Bank to $20.00 in a research note on Thursday, June 9th. StockNews.com raised shares of Independent Bank from a “hold” rating to a “buy” rating in a report on Wednesday.

Independent Bank Company Profile

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Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. 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 machine, and Internet and mobile banking services.

See Also

Earnings History for Independent Bank (NASDAQ:IBCP)

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