Brokerages Anticipate Independent Bank Co.(MI) (NASDAQ:IBCP) Will Post Quarterly Sales of $42.62 Million – Rockland Register

Wall Street brokerages forecast that Independent Bank Co.(MI) (NASDAQ:IBCP) will post sales of $42.62 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Independent Bank Co.(MI)’s earnings. The lowest sales estimate is $42.50 million and the highest is $42.70 million. Independent Bank Co.(MI) reported sales of $41.30 million during the same quarter last year, which indicates a positive year-over-year growth rate of 3.2%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, July 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full year sales of $170.05 million for the current financial year, with estimates ranging from $169.40 million to $170.84 million. For the next financial year, analysts expect that the company will post sales of $182.11 million, with estimates ranging from $180.50 million to $183.72 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its earnings results on Monday, April 22nd. The financial services provider reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.07). The company had revenue of $40.20 million for the quarter, compared to analysts’ expectations of $41.70 million. Independent Bank Co.(MI) had a net margin of 21.81% and a return on equity of 12.33%.

IBCP has been the topic of several analyst reports. BidaskClub downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. ValuEngine downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, May 2nd. Finally, Zacks Investment Research downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $26.00.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBCP. BlackRock Inc. lifted its position in shares of Independent Bank Co.(MI) by 18.1% in the fourth quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock valued at $52,921,000 after acquiring an additional 385,851 shares in the last quarter. PL Capital Advisors LLC lifted its position in shares of Independent Bank Co.(MI) by 12.3% in the first quarter. PL Capital Advisors LLC now owns 1,827,285 shares of the financial services provider’s stock valued at $39,287,000 after acquiring an additional 200,000 shares in the last quarter. LSV Asset Management lifted its position in shares of Independent Bank Co.(MI) by 33.2% in the first quarter. LSV Asset Management now owns 745,200 shares of the financial services provider’s stock valued at $16,021,000 after acquiring an additional 185,679 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Independent Bank Co.(MI) in the first quarter valued at about $2,380,000. Finally, Bank of America Corp DE lifted its position in shares of Independent Bank Co.(MI) by 79.9% in the fourth quarter. Bank of America Corp DE now owns 245,133 shares of the financial services provider’s stock valued at $5,153,000 after acquiring an additional 108,868 shares in the last quarter. Institutional investors own 80.03% of the company’s stock.

NASDAQ IBCP opened at $21.46 on Friday. The firm has a market cap of $503.67 million, a P/E ratio of 12.77, a P/E/G ratio of 1.45 and a beta of 0.41. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. Independent Bank Co has a fifty-two week low of $20.18 and a fifty-two week high of $26.65.

https://rocklandregister.com/2019/06/30/brokerages-anticipate-independent-bank-co-mi-nasdaqibcp-will-post-quarterly-sales-of-42-62-million.html