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
SymbolNASDAQ:IBCP
CUSIPN/A
Phone616-527-5820
Debt
Debt-to-Equity Ratio0.24
Current Ratio0.92
Quick Ratio0.90
Price-To-Earnings
Trailing P/E Ratio19.84
Forward P/E Ratio13.75
P/E Growth1.72
Sales & Book Value
Annual Sales$140.84 million
Price / Sales4.15
Cash Flow$1.5623 per share
Price / Cash15.49
Book Value$12.42 per share
Price / Book1.95
Profitability
EPS (Most Recent Fiscal Year)$1.22
Net Income$20.47 million
Net Margins16.92%
Return on Equity11.84%
Return on Assets1.16%
Miscellaneous
Employees911
Outstanding Shares24,150,000
Market Cap$585.66 million
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 Monday, July 23rd. Investors of record on Monday, August 6th will be given a dividend of $0.15 per share on Wednesday, August 15th. This represents a $0.60 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, August 3rd. View Independent Bank Co.(MI)'s Dividend History.
How will Independent Bank Co.(MI)'s stock buyback program work?
Independent Bank Co.(MI) announced that its Board of Directors has approved a stock buyback 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.
How were Independent Bank Co.(MI)'s earnings last quarter?
Independent Bank Co.(MI) (NASDAQ:IBCP) released its earnings results on Thursday, July, 26th. The financial services provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.05. The financial services provider had revenue of $41.30 million for the quarter, compared to analysts' expectations of $38.70 million. Independent Bank Co.(MI) had a return on equity of 11.84% and a net margin of 16.92%. 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 analysts have issued 12-month target prices for Independent Bank Co.(MI)'s stock. Their forecasts range from $24.00 to $27.00. On average, they expect Independent Bank Co.(MI)'s stock price to reach $25.50 in the next twelve months. This suggests a possible upside of 5.4% 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 3 hold ratings and 1 buy rating for the stock, resulting in a consensus recommendation of "Hold." 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. " (7/31/2018)
- 2. Boenning Scattergood analysts commented, "We view Independent as a balanced, well-run institution with a strong presence throughout the state of Michigan. Following the Great Recession, the company completed a large-scale strategic alignment which included recapitalization, exiting riskier lending lines, and right-sizing the branch footprint. More recently, management’s attention has shifted toward long-run investments in the franchise to accelerate growth. In 2017, the company has benefited from these investments with loans growing more than 20% YTD. Overall, we believe Independent has successfully moved back to a level of performance that more closely resembles its peers (~1.00% ROA), and we expect further improvement heading into 2018, particularly if/when the Fed raises rates further." (10/27/2017)
Who are some of Independent Bank Co.(MI)'s key competitors?
Some companies that are related to Independent Bank Co.(MI) include United Community Banks (UCBI), TowneBank (TOWN), Ameris Bancorp (ABCB), Renasant (RNST), ServisFirst Bancshares (SFBS), Premier Financial Bancorp (PFBI), Heartland Financial USA (HTLF), Banner (BANR), Independent Bank Group (IBTX), Hilltop (HTH), First Bancorp (FBP), Eagle Bancorp (EGBN), S & T Bancorp (STBA), First Busey (BUSE) and Seacoast Banking Co. of Florida (SBCF).
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)
Has Independent Bank Co.(MI) been receiving favorable news coverage?
News coverage about IBCP stock has trended somewhat positive this week, according to Accern Sentiment. The research group ranks the sentiment of news coverage by reviewing more than twenty million blog and news sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores nearest to one being the most favorable. Independent Bank Co.(MI) earned a media and rumor sentiment score of 0.18 on Accern's scale. They also assigned media coverage about the financial services provider an impact score of 46.57 out of 100, indicating that recent news coverage is somewhat unlikely to have an impact on the company's share price in the next few days. View Recent Headlines for Independent Bank Co.(MI).
Who are Independent Bank Co.(MI)'s major shareholders?
Independent Bank Co.(MI)'s stock is owned by a number of of institutional and retail investors. Top institutional investors include BlackRock Inc. (8.63%), Renaissance Technologies LLC (4.58%), Maltese Capital Management LLC (3.47%), LSV Asset Management (2.34%), Millennium Management LLC (2.16%) and Russell Investments Group Ltd. (2.06%). Company insiders that own Independent Bank Co.(MI) stock include David C Reglin, Dennis J Mack, James J Twarozynski, Loan Charles C Van, Mark L Collins, Michael M Magee Jr, 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 Maltese Capital Management LLC, FMR LLC, Deprince Race & Zollo Inc., LSV Asset Management, Tokio Marine Asset Management Co. Ltd., GSA Capital Partners LLP, California Public Employees Retirement System and Trexquant Investment LP. 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, 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 acquired by a variety of institutional investors in the last quarter, including Millennium Management LLC, Renaissance Technologies LLC, BlackRock Inc., Wells Fargo & Company MN, Martingale Asset Management L P, Bowling Portfolio Management LLC, EAM Global Investors LLC and EAM Investors LLC. 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 $24.20.
How big of a company is Independent Bank Co.(MI)?
Independent Bank Co.(MI) has a market capitalization of $585.66 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.
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.
