Independent Bank (IBCP) Expected to Announce Earnings on Thursday

Independent Bank (NASDAQ:IBCP) is projected to issue its quarterly earnings data before the market opens on Thursday, April 24th. Analysts expect the company to announce earnings of $0.70 per share and revenue of $46.25 million for the quarter. Investors that wish to listen to the company’s conference call can do so using this link.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Independent Bank Stock Up 1.6 %

Shares of IBCP stock opened at $29.88 on Thursday. The company’s fifty day simple moving average is $31.72 and its two-hundred day simple moving average is $34.09. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The stock has a market cap of $626.67 million, a P/E ratio of 9.46 and a beta of 0.85. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Analyst Ratings Changes

IBCP has been the subject of a number of research reports. DA Davidson increased their price target on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $41.00 target price (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

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.