Independent Bank (NASDAQ:IBCP – Get Free Report) 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
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.
Check Out Our Latest Research Report on IBCP
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.
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