Independent Bank (NASDAQ:IBCP) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Independent Bank (NASDAQ:IBCP) announced its quarterly earnings results on Thursday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.06, Zacks reports. Independent Bank had a return on equity of 14.54% and a net margin of 21.25%.The firm had revenue of $46.80 million during the quarter, compared to the consensus estimate of $50.52 million.

Independent Bank Stock Up 5.1%

Shares of Independent Bank stock opened at $35.05 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90. Independent Bank has a 1-year low of $26.75 and a 1-year high of $37.13. The business has a 50-day moving average of $33.11 and a 200-day moving average of $32.30. The company has a market capitalization of $725.18 million, a PE ratio of 10.75 and a beta of 0.80.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be paid a dividend of $0.28 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, February 3rd. Independent Bank’s payout ratio is 31.90%.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its position in shares of Independent Bank by 60.5% in the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after purchasing an additional 146,646 shares in the last quarter. Qube Research & Technologies Ltd grew its position in shares of Independent Bank by 37.0% during the third quarter. Qube Research & Technologies Ltd now owns 176,353 shares of the financial services provider’s stock worth $5,463,000 after buying an additional 47,652 shares in the last quarter. UBS Group AG increased its stake in shares of Independent Bank by 168.7% in the third quarter. UBS Group AG now owns 64,068 shares of the financial services provider’s stock worth $1,985,000 after buying an additional 40,223 shares during the last quarter. Two Sigma Investments LP raised its holdings in Independent Bank by 35.2% in the third quarter. Two Sigma Investments LP now owns 115,004 shares of the financial services provider’s stock valued at $3,562,000 after acquiring an additional 29,967 shares in the last quarter. Finally, Numerai GP LLC boosted its stake in Independent Bank by 239.4% during the 3rd quarter. Numerai GP LLC now owns 33,583 shares of the financial services provider’s stock valued at $1,040,000 after acquiring an additional 23,688 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.