Independent Bank (NASDAQ:IBCP) Releases Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Independent Bank (NASDAQ:IBCP) issued its quarterly earnings results on Thursday. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17, Zacks reports. Independent Bank had a return on equity of 17.24% and a net margin of 21.11%. The firm had revenue of $81.51 million during the quarter, compared to analyst estimates of $53.50 million. During the same period last year, the company earned $0.70 EPS.

Independent Bank Stock Down 2.4 %

NASDAQ IBCP traded down $0.84 during trading on Friday, reaching $34.29. 158,544 shares of the company’s stock traded hands, compared to its average volume of 157,406. Independent Bank has a 12-month low of $16.90 and a 12-month high of $35.97. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $716.66 million, a price-to-earnings ratio of 11.66 and a beta of 1.01. The company’s 50 day simple moving average is $26.65 and its two-hundred day simple moving average is $25.44.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be issued a $0.24 dividend. The ex-dividend date is Monday, August 5th. This represents a $0.96 annualized dividend and a dividend yield of 2.80%. Independent Bank’s payout ratio is currently 32.65%.

Insider Transactions at Independent Bank

In related news, Director Christina Keller sold 2,400 shares of Independent Bank stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $23.62, for a total transaction of $56,688.00. Following the transaction, the director now directly owns 6,563 shares of the company’s stock, valued at $155,018.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Independent Bank news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the completion of the sale, the senior vice president now directly owns 8,366 shares of the company’s stock, valued at $209,150. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christina Keller sold 2,400 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $23.62, for a total transaction of $56,688.00. Following the completion of the sale, the director now owns 6,563 shares in the company, valued at $155,018.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,600 shares of company stock valued at $135,821. Company insiders own 5.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. DA Davidson restated a “neutral” rating and issued a $28.00 price target on shares of Independent Bank in a report on Tuesday, April 30th. Piper Sandler upgraded shares of Independent Bank to a “hold” rating in a research note on Tuesday, June 11th.

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.