Wall Street brokerages expect that Independent Bank Co.(MI) (NASDAQ:IBCP) will post $42.62 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Independent Bank Co.(MI)’s earnings. The highest sales estimate is $42.70 million and the lowest is $42.50 million. Independent Bank Co.(MI) reported sales of $41.30 million in the same quarter last year, which suggests a positive year-over-year growth rate of 3.2%. The firm is expected to report its next earnings results on Thursday, July 25th.

On average, analysts expect that Independent Bank Co.(MI) will report full-year sales of $170.68 million for the current year, with estimates ranging from $169.40 million to $171.80 million. For the next fiscal year, analysts anticipate that the company will report sales of $182.11 million, with estimates ranging from $180.50 million to $183.72 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Independent Bank Co.(MI).

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its earnings results on Monday, April 22nd. The financial services provider reported $0.39 EPS 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 analyst estimates of $41.70 million. Independent Bank Co.(MI) had a return on equity of 12.33% and a net margin of 21.81%.

IBCP has been the topic of several recent research reports. Zacks Investment Research raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Thursday, January 31st. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a report on Thursday, January 31st. BidaskClub raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Saturday, February 23rd. Finally, ValuEngine downgraded Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $26.00.

IBCP traded down $0.08 during midday trading on Wednesday, hitting $21.42. 84,500 shares of the company were exchanged, compared to its average volume of 106,001. The company has a market capitalization of $495.75 million, a PE ratio of 12.71, a PEG ratio of 1.42 and a beta of 0.42. Independent Bank Co has a 1-year low of $20.18 and a 1-year high of $27.10. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Friday, May 3rd. Independent Bank Co.(MI)’s dividend payout ratio is 42.86%.

In other news, insider Robert N. Shuster sold 5,255 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $23.25, for a total value of $122,178.75. Following the transaction, the insider now directly owns 58,188 shares of the company’s stock, valued at approximately $1,352,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.22% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the company. Oxford Asset Management LLP lifted its stake in shares of Independent Bank Co.(MI) by 109.5% in the 1st quarter. Oxford Asset Management LLP now owns 110,784 shares of the financial services provider’s stock valued at $2,382,000 after purchasing an additional 57,916 shares during the period. Voya Investment Management LLC lifted its stake in shares of Independent Bank Co.(MI) by 47.4% in the 1st quarter. Voya Investment Management LLC now owns 35,421 shares of the financial services provider’s stock valued at $762,000 after purchasing an additional 11,396 shares during the period. Marshall Wace LLP acquired a new position in shares of Independent Bank Co.(MI) in the 1st quarter valued at about $492,000. Geode Capital Management LLC lifted its stake in shares of Independent Bank Co.(MI) by 9.2% in the 1st quarter. Geode Capital Management LLC now owns 296,687 shares of the financial services provider’s stock valued at $6,378,000 after purchasing an additional 24,872 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Independent Bank Co.(MI) by 2.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 50,048 shares of the financial services provider’s stock valued at $1,077,000 after purchasing an additional 993 shares during the period. 81.72% of the stock is currently owned by institutional investors.

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.

Further Reading: What is diluted earnings per share (Diluted EPS)?

Get a free copy of the Zacks research report on Independent Bank Co.(MI) (IBCP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

Receive News & Ratings for Independent Bank Co.(MI) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Co.(MI) and related companies with MarketBeat.com's FREE daily email newsletter.