Independent Bank Corporation operates as the bank 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. It also provides title insurance, investment, and insurance brokerage services. The company offers its services through approximately 61 branches, 1 drive-thru facility, and 14 loan production offices. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.
Industry, Sector and Symbol
Stock Exchange NASDAQ
Industry State commercial banks
Sub-IndustryN/A
SectorFinance
Current SymbolNASDAQ:IBCP
Previous Symbol
CUSIPN/A
Phone616-527-5820
Debt
Debt-to-Equity Ratio0.34
Current Ratio0.95
Quick Ratio0.93
Price-To-Earnings
Trailing P/E Ratio17.10
Forward P/E Ratio11.85
P/E Growth1.49
Sales & Book Value
Annual Sales$140.84 million
Price / Sales3.57
Cash Flow$1.5602 per share
Price / Cash Flow13.37
Book Value$12.42 per share
Price / Book1.68
Profitability
EPS (Most Recent Fiscal Year)$1.22
Net Income$20.47 million
Net Margins18.87%
Return on Equity12.75%
Return on Assets1.28%
Miscellaneous
Employees911
Outstanding Shares24,110,000
Market Cap$504.29 million
OptionableOptionable
Independent Bank Co.(MI) (NASDAQ:IBCP) Frequently Asked Questions
What is Independent Bank Co.(MI)'s stock symbol?
Independent Bank Co.(MI) trades on the NASDAQ under the ticker symbol "IBCP."
How often does Independent Bank Co.(MI) pay dividends? What is the dividend yield for Independent Bank Co.(MI)?
Independent Bank Co.(MI) declared a quarterly dividend on Tuesday, October 23rd. Shareholders of record on Monday, November 5th will be paid a dividend of $0.15 per share on Thursday, November 15th. This represents a $0.60 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, November 2nd. View Independent Bank Co.(MI)'s Dividend History.
How will Independent Bank Co.(MI)'s stock buyback program work?
Independent Bank Co.(MI) declared that its board has initiated a stock repurchase plan on Wednesday, January 31st 2018, which allows the company to repurchase 500% of outstanding shares, according to EventVestor. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.
How were Independent Bank Co.(MI)'s earnings last quarter?
Independent Bank Co.(MI) (NASDAQ:IBCP) issued its quarterly earnings data on Thursday, October, 25th. The financial services provider reported $0.49 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.45 by $0.04. The financial services provider earned $41.53 million during the quarter, compared to analyst estimates of $40.69 million. Independent Bank Co.(MI) had a net margin of 18.87% and a return on equity of 12.75%. View Independent Bank Co.(MI)'s Earnings History.
When is Independent Bank Co.(MI)'s next earnings date?
What price target have analysts set for IBCP?
4 brokerages have issued 1-year price objectives for Independent Bank Co.(MI)'s shares. Their predictions range from $27.00 to $27.00. On average, they expect Independent Bank Co.(MI)'s share price to reach $27.00 in the next twelve months. This suggests a possible upside of 29.4% from the stock's current price. View Analyst Price Targets for Independent Bank Co.(MI).
What is the consensus analysts' recommendation for Independent Bank Co.(MI)?
4 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Independent Bank Co.(MI) in the last year. There are currently 2 hold ratings and 2 buy ratings for the stock, resulting in a consensus recommendation of "Buy." View Analyst Ratings for Independent Bank Co.(MI).
What are Wall Street analysts saying about Independent Bank Co.(MI) stock?
Here are some recent quotes from research analysts about Independent Bank Co.(MI) stock:
- 1. According to Zacks Investment Research, "Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan's Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services. " (10/31/2018)
- 2. Boenning Scattergood analysts commented, "We believe Independent is well positioned to continue generating double-digit organic growth alongside disciplined expense control and stable credit performance. The company has entered a new chapter, having closed its first acquisition since the Great Recession, and is demonstrating the ability to consistently generate higher-quality earnings growth. Near-term, we continue to believe the company’s focus will be heavily geared toward a successful integration in order to preserve the positive initiatives management has employed over the last three years (branch optimization, expanded mortgage team, credit improvement, etc.), and that growth will remain strong, albeit slower than the rapid pace experienced in 2017." (10/26/2018)
Has Independent Bank Co.(MI) been receiving favorable news coverage?
Headlines about IBCP stock have trended somewhat positive recently, according to InfoTrie Sentiment. The research firm ranks the sentiment of news coverage by monitoring more than six thousand news and blog sources in real-time. The firm ranks coverage of companies on a scale of negative five to positive five, with scores nearest to five being the most favorable. Independent Bank Co.(MI) earned a media sentiment score of 1.2 on InfoTrie's scale. They also assigned news coverage about the financial services provider a news buzz of 6.0 out of 10, meaning that recent news coverage is somewhat likely to have an effect on the company's share price in the near term.
Who are some of Independent Bank Co.(MI)'s key competitors?
Some companies that are related to Independent Bank Co.(MI) include Great Western Bancorp (GWB), First Bancorp (FBP), Renasant (RNST), TowneBank (TOWN), Banner (BANR), ServisFirst Bancshares (SFBS), United Community Banks (UCBI), Eagle Bancorp (EGBN), Hilltop (HTH), Heartland Financial USA (HTLF), Ameris Bancorp (ABCB), Pacific Premier Bancorp (PPBI), Independent Bank Group (IBTX), S & T Bancorp (STBA) and First Busey (BUSE).
Who are Independent Bank Co.(MI)'s key executives?
Independent Bank Co.(MI)'s management team includes the folowing people:
- Mr. William Bradford Kessel CPA, Pres, CEO & Director (Age 54)
- Mr. Robert N. Shuster CPA, Exec. VP, CFO & Corp. Sec. (Age 60)
- Ms. Stefanie M. Kimball, Exec. VP & Chief Risk Officer (Age 58)
- Mr. Patrick J. Ervin, Exec. VP of Mortgage Banking (Age 52)
- Mr. Dennis James Mack, Exec. VP & Chief Commercial Lending Officer (Age 56)
Who are Independent Bank Co.(MI)'s major shareholders?
Independent Bank Co.(MI)'s stock is owned by many different of institutional and retail investors. Top institutional investors include BlackRock Inc. (8.84%), PL Capital Advisors LLC (4.80%), Renaissance Technologies LLC (4.47%), Vanguard Group Inc. (4.17%), Vanguard Group Inc (4.17%) and Maltese Capital Management LLC (4.15%). Company insiders that own Independent Bank Co.(MI) stock include David C Reglin, Dennis J Mack, James J Twarozynski, Larry R Daniel, Jr, Loan Charles C Van, Mark L Collins, Michael M Magee Jr, Patrick J Ervin, Robert N Shuster, Stefanie M Kimball, Terry L Haske and William B Kessel. View Institutional Ownership Trends for Independent Bank Co.(MI).
Which major investors are selling Independent Bank Co.(MI) stock?
IBCP stock was sold by a variety of institutional investors in the last quarter, including Wells Fargo & Company MN, Russell Investments Group Ltd., Citadel Advisors LLC, Renaissance Technologies LLC, Man Group plc, TIAA CREF Investment Management LLC, Algert Global LLC and Foundry Partners LLC. Company insiders that have sold Independent Bank Co.(MI) company stock in the last year include David C Reglin, Dennis J Mack, James J Twarozynski, Larry R Daniel, Jr, Michael M Magee Jr, Robert N Shuster, Stefanie M Kimball, Terry L Haske and William B Kessel. View Insider Buying and Selling for Independent Bank Co.(MI).
Which major investors are buying Independent Bank Co.(MI) stock?
IBCP stock was bought by a variety of institutional investors in the last quarter, including Morgan Stanley, Maltese Capital Management LLC, PL Capital Advisors LLC, American Century Companies Inc., Matarin Capital Management LLC, BlackRock Inc., Assenagon Asset Management S.A. and Prudential Financial Inc.. Company insiders that have bought Independent Bank Co.(MI) stock in the last two years include Michael M Magee Jr and Patrick J Ervin. View Insider Buying and Selling for Independent Bank Co.(MI).
How do I buy shares of Independent Bank Co.(MI)?
Shares of IBCP can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.
What is Independent Bank Co.(MI)'s stock price today?
One share of IBCP stock can currently be purchased for approximately $20.86.
How big of a company is Independent Bank Co.(MI)?
Independent Bank Co.(MI) has a market capitalization of $504.29 million and generates $140.84 million in revenue each year. The financial services provider earns $20.47 million in net income (profit) each year or $1.22 on an earnings per share basis. Independent Bank Co.(MI) employs 911 workers across the globe.
What is Independent Bank Co.(MI)'s official website?
How can I contact Independent Bank Co.(MI)?
Independent Bank Co.(MI)'s mailing address is 4200 E BELTLINE, GRAND RAPIDS MI, 49525. The financial services provider can be reached via phone at 616-527-5820 or via email at [email protected]
MarketBeat Community Rating for Independent Bank Co.(MI) (NASDAQ IBCP)
MarketBeat's community ratings are surveys of what our community members think about Independent Bank Co.(MI) and other stocks. Vote "Outperform" if you believe IBCP will outperform the S&P 500 over the long term. Vote "Underperform" if you believe IBCP will underperform the S&P 500 over the long term. You may vote once every thirty days.
