Independent Bank (NASDAQ:IBCP) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Independent Bank (NASDAQ:IBCP) announced its quarterly earnings results on Thursday. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate 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 0.8 %

NASDAQ:IBCP opened at $35.08 on Thursday. The firm has a 50 day moving average of $36.12 and a 200 day moving average of $34.06. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The stock has a market capitalization of $732.76 million, a price-to-earnings ratio of 11.56 and a beta of 1.03.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.96%. 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 payout ratio is 32.65%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their target price on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Insiders Place Their Bets

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price 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. The trade was a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.45% of the company’s stock.

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.