$41.70 Million in Sales Expected for Independent Bank Co.(MI) (IBCP) This Quarter

Brokerages predict that Independent Bank Co.(MI) (NASDAQ:IBCP) will report $41.70 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings, with the highest sales estimate coming in at $41.91 million and the lowest estimate coming in at $41.50 million. Independent Bank Co.(MI) posted sales of $35.46 million during the same quarter last year, which suggests a positive year over year growth rate of 17.6%. The firm is expected to issue its next quarterly earnings report before the market opens on Monday, April 22nd.

According to Zacks, analysts expect that Independent Bank Co.(MI) will report full year sales of $172.27 million for the current fiscal year, with estimates ranging from $171.20 million to $173.42 million. For the next year, analysts anticipate that the company will report sales of $183.13 million, with estimates ranging from $180.40 million to $185.58 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings results on Tuesday, January 29th. The financial services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.07). Independent Bank Co.(MI) had a return on equity of 12.72% and a net margin of 22.71%. The business had revenue of $39.62 million for the quarter, compared to analysts’ expectations of $41.37 million.

A number of research analysts have weighed in on IBCP shares. ValuEngine lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Wednesday, March 20th. Zacks Investment Research lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Tuesday, January 15th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, January 31st. Finally, BidaskClub lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $26.00.

Shares of Independent Bank Co.(MI) stock traded down $0.33 during trading hours on Tuesday, reaching $21.99. 78,327 shares of the company’s stock were exchanged, compared to its average volume of 107,055. Independent Bank Co has a 52-week low of $20.18 and a 52-week high of $27.10. The firm has a market cap of $533.80 million, a PE ratio of 13.09, a P/E/G ratio of 1.42 and a beta of 0.43. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.

In other Independent Bank Co.(MI) news, insider Robert N. Shuster sold 5,255 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $23.25, for a total transaction of $122,178.75. Following the transaction, the insider now owns 58,188 shares of the company’s stock, valued at approximately $1,352,871. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.22% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Independent Bank Co.(MI) by 18.1% in the 4th quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock worth $52,921,000 after buying an additional 385,851 shares during the period. PL Capital Advisors LLC raised its position in shares of Independent Bank Co.(MI) by 40.5% in the 4th quarter. PL Capital Advisors LLC now owns 1,627,285 shares of the financial services provider’s stock worth $34,206,000 after buying an additional 469,000 shares during the period. Vanguard Group Inc. raised its position in shares of Independent Bank Co.(MI) by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,006,581 shares of the financial services provider’s stock worth $23,806,000 after buying an additional 21,323 shares during the period. Vanguard Group Inc raised its position in shares of Independent Bank Co.(MI) by 2.2% in the 3rd quarter. Vanguard Group Inc now owns 1,006,581 shares of the financial services provider’s stock worth $23,806,000 after buying an additional 21,323 shares during the period. Finally, Maltese Capital Management LLC raised its position in shares of Independent Bank Co.(MI) by 19.2% in the 3rd quarter. Maltese Capital Management LLC now owns 999,704 shares of the financial services provider’s stock worth $23,643,000 after buying an additional 160,804 shares during the period. 79.06% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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