Independent Bank (NASDAQ:IBCP) Announces Earnings Results

Independent Bank (NASDAQ:IBCP) issued its earnings results on Thursday. The financial services provider reported $0.87 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 Trading Up 0.7 %

IBCP opened at $35.04 on Thursday. The stock has a market capitalization of $731.99 million, a PE ratio of 11.92 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. Independent Bank has a 12-month low of $22.53 and a 12-month high of $40.32. The firm’s fifty day moving average price is $36.12 and its 200 day moving average price is $34.06.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is 32.65%.

Insider Transactions at Independent Bank

In other news, EVP Gavin A. Mohr purchased 800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the purchase, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.45% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on Independent Bank from $33.00 to $39.00 and gave the company a “market perform” rating in a report 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.