Independent Bank (NASDAQ:IBCP) Announces Earnings Results

Independent Bank (NASDAQ:IBCP) released its quarterly earnings results on Thursday. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10, Zacks reports. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%.

Independent Bank Stock Performance

NASDAQ IBCP opened at $35.24 on Friday. The firm has a market cap of $736.16 million, a price-to-earnings ratio of 11.99 and a beta of 1.03. The company has a 50 day moving average of $36.07 and a 200-day moving average of $34.07. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 1-year low of $22.53 and a 1-year high of $40.32.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is 32.65%.

Insider Transactions at Independent Bank

In other news, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.45% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Independent Bank Company Profile

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.