Brokerages Expect Independent Bank Co.(MI) (IBCP) Will Post Quarterly Sales of $41.70 Million

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Equities analysts expect Independent Bank Co.(MI) (NASDAQ:IBCP) to announce sales of $41.70 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings. The highest sales estimate is $41.91 million and the lowest is $41.50 million. Independent Bank Co.(MI) posted sales of $35.46 million during the same quarter last year, which would indicate a positive year over year growth rate of 17.6%. The company is scheduled to report its next quarterly earnings results before the market opens on Monday, April 22nd.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full year sales of $172.27 million for the current fiscal year, with estimates ranging from $171.20 million to $173.42 million. For the next year, analysts anticipate that the business will report sales of $183.13 million, with estimates ranging from $180.40 million to $185.58 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Tuesday, January 29th. The financial services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.07). The business had revenue of $39.62 million for the quarter, compared to analysts’ expectations of $41.37 million. Independent Bank Co.(MI) had a return on equity of 12.72% and a net margin of 22.71%.

IBCP has been the subject of several recent analyst reports. ValuEngine upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Zacks Investment Research cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Tuesday, January 15th. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, January 31st. Finally, BidaskClub cut Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Independent Bank Co.(MI) currently has an average rating of “Hold” and a consensus price target of $26.00.

IBCP stock traded down $0.33 during trading on Tuesday, hitting $21.99. 78,327 shares of the company’s stock were exchanged, compared to its average volume of 105,099. The stock has a market cap of $530.09 million, a price-to-earnings ratio of 13.09, a PEG ratio of 1.41 and a beta of 0.43. Independent Bank Co has a 52-week low of $20.18 and a 52-week high of $27.10. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.

In other Independent Bank Co.(MI) news, insider Robert N. Shuster sold 5,255 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $23.25, for a total transaction of $122,178.75. Following the transaction, the insider now owns 58,188 shares of the company’s stock, valued at $1,352,871. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.22% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Independent Bank Co.(MI) by 18.1% during the fourth quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock worth $52,921,000 after buying an additional 385,851 shares during the period. PL Capital Advisors LLC increased its position in Independent Bank Co.(MI) by 40.5% during the fourth quarter. PL Capital Advisors LLC now owns 1,627,285 shares of the financial services provider’s stock worth $34,206,000 after buying an additional 469,000 shares during the period. Vanguard Group Inc. increased its position in Independent Bank Co.(MI) by 2.2% during the third quarter. Vanguard Group Inc. now owns 1,006,581 shares of the financial services provider’s stock worth $23,806,000 after buying an additional 21,323 shares during the period. Vanguard Group Inc increased its position in Independent Bank Co.(MI) by 2.2% during the third quarter. Vanguard Group Inc now owns 1,006,581 shares of the financial services provider’s stock worth $23,806,000 after buying an additional 21,323 shares during the period. Finally, Maltese Capital Management LLC increased its position in Independent Bank Co.(MI) by 19.2% during the third quarter. Maltese Capital Management LLC now owns 999,704 shares of the financial services provider’s stock worth $23,643,000 after buying an additional 160,804 shares during the period. 79.06% of the stock is currently owned by institutional investors.

Independent Bank Co.(MI) Company Profile

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.

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