$47.67 million in sales expected for Independent Bank Co. (NASDAQ:IBCP) this quarter
Wall Street analysts expect Independent Bank Co. (NASDAQ:IBCP – Get Rating) to report sales of $47.67 million for the current fiscal quarter, reports Zacks Investment Research. Three analysts released earnings estimates for Independent Bank, with the highest sales estimate at $48.20 million and the lowest estimate at $47.40 million. Independent Bank recorded sales of $46.16 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.3%. The company is due to announce its next earnings report on Monday, January 1.
According to Zacks, analysts expect Independent Bank to report sales of $192.47 million for the current fiscal year, with estimates ranging from $189.30 to $197.60 million. For the next fiscal year, analysts expect the company to record sales of $205.00 million, with estimates ranging from $204.40 million to $205.40 million. Zacks’ sell calculations are an average based on a survey of sell-side research analysts who provide coverage for Independent Bank.
Independent Bank (NASDAQ:IBCP – Get Rating) last released its results on Tuesday, April 26. The financial services provider reported earnings per share of $0.84 for the quarter, beating the consensus estimate of $0.50 by $0.34. Independent Bank had a net margin of 28.08% and a return on equity of 15.18%. In the same quarter a year earlier, the company posted earnings per share of $1.00.
Separately, StockNews.com upgraded Independent Bank shares from a “hold” rating to a “buy” rating in a Friday, May 13 report.
In other Independent Bank news, Director Dennis W. Archer, Jr. purchased 2,000 shares of Independent Bank in a trade on Thursday, April 28. The shares were purchased at an average cost of $20.16 per share, with a total value of $40,320.00. Following completion of the transaction, the administrator now directly owns 5,000 shares of the company, valued at approximately $100,800. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Insiders hold 5.20% of the shares of the company.
Hedge funds have recently changed their positions in the business. Lindbrook Capital LLC acquired a new position in Independent Bank during the first quarter worth approximately $26,000. CWM LLC increased its position in Independent Bank shares by 592.5% during the first quarter. CWM LLC now owns 1,295 shares of the financial services provider worth $28,000 after buying 1,108 additional shares in the last quarter. Quadrant Capital Group LLC increased its position in Independent Bank shares by 66.4% during the first quarter. Quadrant Capital Group LLC now owns 1,358 shares of the financial services provider worth $30,000 after buying an additional 542 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Independent Bank shares by 86.1% during the third quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the financial services provider worth $132,000 after buying an additional 2,852 shares last quarter. Finally, Citigroup Inc. increased its position in Independent Bank shares by 36.2% during the fourth quarter. Citigroup Inc. now owns 7,971 shares of the financial services provider worth $190,000 after buying 2,118 more shares last quarter. 79.61% of the shares are currently held by hedge funds and other institutional investors.
Shares of the NASDAQ IBCP opened at $19.67 on Wednesday. The company has a market capitalization of $414.01 million, a PE ratio of 7.26 and a beta of 1.00. Independent Bank has a 12-month low of $18.81 and a 12-month high of $26.00. The company has a debt ratio of 0.31, a current ratio of 0.74 and a quick ratio of 0.73. The company has a 50-day simple moving average of $21.52 and a 200-day simple moving average of $23.04.
The company also recently declared a quarterly dividend, which was paid on Monday, May 16. Shareholders of record on Thursday, May 5 received a dividend of $0.22 per share. The ex-dividend date was Wednesday, May 4. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 4.47%. Independent Bank’s dividend payout ratio (DPR) is currently 32.47%.
About the Independent Bank (Get an evaluation)
Independent Bank Corporation operates as a bank holding company for Independent Bank which provides various retail and corporate banking services. The company offers checking and savings accounts, business loans, direct and indirect consumer financing, mortgages and safe deposit services, as well as automated teller machines and internet and mobile banking.
Get a Free Copy of Zacks Research Report on Independent Bank (IBCP)
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Independent Bank right now?
Before you consider Independent Bank, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Independent Bank wasn’t on the list.
While Independent Bank currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here