Streetbeat News

IBCP

Independent Bank Corporation

https://www.independentbank.com

Industry

Banks - Regional

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. 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 machine, and Internet and mobile banking services. It also provides title insurance, insurance brokerage, and investment services. The company offers its services through approximately 59 branches, two drive-thru facilities, and seven loan production offices in Michigan; and two loan production offices in Ohio. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

Open

37.67

Mkt cap

793M

Volume

61K

High

38.05

P/E Ratio

12.91

52-wk high

40.32

Low

37.04

Div yield

0.03

52-wk low

22.53

Independent Bank (NASDAQ:IBCP) reported Q3 2024 earnings per share of $0.81, surpassing the analyst estimate of $0.76. However, its sales of $41.854 million fell short of the expected $42.260 million. Despite this, sales increased by 6.16% compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2024 | 12:06 pm

Keefe, Bruyette & Woods analyst Damon Delmonte has reiterated a Market Perform rating on Independent Bank (NASDAQ:IBCP) and raised the price target from $26 to $31.

Portfolio Pulse from Benzinga Newsdesk

July 29, 2024 | 3:02 pm

Piper Sandler analyst Nathan Race maintains a Neutral rating on Independent Bank (NASDAQ:IBCP) and raises the price target from $27 to $37.5.

Portfolio Pulse from Benzinga Newsdesk

July 29, 2024 | 12:59 pm

Independent Bank (NASDAQ:IBCP) reported strong Q2 earnings, with EPS of $0.88 beating the estimate of $0.70 and sales of $41.35M surpassing the $41.10M estimate. This represents a significant year-over-year increase in both earnings and sales.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2024 | 12:03 pm

DA Davidson analyst Peter Winter maintains a Neutral rating on Independent Bank (NASDAQ:IBCP) and keeps the price target at $28.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 5:36 pm

Independent Bank (NASDAQ:IBCP) reported Q4 earnings of $0.65 per share, missing the consensus estimate of $0.70 by 7.14%. Year-over-year, earnings decreased by 8.45% from $0.71 per share. Quarterly sales were $40.11M, in line with estimates, but marked a 1.21% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 1:04 pm

Independent Bank (NASDAQ:IBCP) is expected to release its quarterly earnings report on January 25, 2024. Analysts predict an EPS of $0.70. Investors are looking for an earnings beat and positive guidance for future growth. Historically, IBCP's stock price has reacted positively to earnings beats. The stock was trading at $26.26 on January 23, with a 52-week increase of 24.68%.

Portfolio Pulse from Benzinga Insights

January 24, 2024 | 5:02 pm

Independent Bank Corporation (NASDAQ:IBCP) has announced an increase in its quarterly cash dividend from $0.23 to $0.24 per share, payable on February 15, 2024, to shareholders of record as of February 5, 2024. This marks an annual increase for the eleventh consecutive year, reflecting the company's strong operating performance, capital position, and positive future outlook.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 3:20 pm

The article highlights five value stocks in the financial services sector with low price-to-earnings (P/E) multiples, suggesting they may be undervalued. The stocks mentioned are Independent Bank (IBCP), First United (FUNC), Main Street Capital (MAIN), SB Financial Group (SBFG), and First Citizens BancShares (FCNCA). The article provides recent earnings per share (EPS) data and dividend yield changes for each company, indicating their financial performance and shareholder returns.

Portfolio Pulse from Benzinga Insights

January 04, 2024 | 2:47 pm

U.S. regional bank stocks have rebounded strongly, with the SPDR S&P Regional Banking ETF (KRE) surging 35% in two months. This rally is driven by the Federal Reserve's shift towards a more accommodative monetary policy, which is expected to lower interest rates in 2024. Ten regional banks within the KRE ETF have seen returns over 40% in the last three months. The economic outlook for 2024 suggests moderate growth and a decrease in inflation, which could benefit regional banks if these conditions persist.

Portfolio Pulse from Piero Cingari

December 21, 2023 | 1:43 pm

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