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 Ratio0.88
Quick Ratio0.86
Price-To-Earnings
Trailing P/E Ratio20.82
Forward P/E Ratio15.21
P/E Growth1.93
Sales & Book Value
Annual Sales$140.84 million
Price / Sales4.35
Cash Flow$1.5650 per share
Price / Cash16.23
Book Value$12.42 per share
Price / Book2.05
Profitability
EPS (Most Recent Fiscal Year)$1.22
Net Income$20.47 million
Net Margins16.27%
Return on Equity10.81%
Return on Assets1.04%
Miscellaneous
Employees911
Outstanding Shares24,110,000
Market Cap$612.32
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, April 24th. Investors of record on Monday, May 7th will be paid a dividend of $0.15 per share on Tuesday, May 15th. This represents a $0.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Friday, May 4th. 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 of Directors has initiated a stock buyback plan on Wednesday, January 31st 2018, which allows the company to buyback 500% of outstanding shares, according to EventVestor. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's management believes its shares are undervalued.
How were Independent Bank Co.(MI)'s earnings last quarter?
Independent Bank Co.(MI) (NASDAQ:IBCP) released its earnings results on Monday, April, 23rd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The financial services provider earned $35.46 million during the quarter, compared to the consensus estimate of $33.69 million. Independent Bank Co.(MI) had a return on equity of 10.81% and a net margin of 16.27%. During the same quarter last year, the company earned $0.28 earnings per share. 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 brokers have issued twelve-month price objectives for Independent Bank Co.(MI)'s stock. Their predictions range from $24.00 to $26.00. On average, they anticipate Independent Bank Co.(MI)'s share price to reach $25.00 in the next year. This suggests that the stock has a possible downside of 1.6%. View Analyst Ratings 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."
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. " (6/27/2018)
- 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 Great Western Bancorp (GWB), First Interstate BancSystem (FIBK), United Community Banks (UCBI), TowneBank (TOWN), ServisFirst Bancshares (SFBS), Renasant (RNST), Independent Bank (INDB), Hilltop (HTH), Eagle Bancorp (EGBN), Ameris Bancorp (ABCB), Banner (BANR), Independent Bank Group (IBTX), Pacific Premier Bancorp (PPBI), Heartland Financial USA (HTLF) and First Bancorp (FBP).
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)
- Mr. David C. Reglin, Exec. VP of Retail Banking (Age 59)
- Ms. Stefanie M. Kimball, Exec. VP & Chief Risk Officer (Age 58)
- Mr. Larry Russ Daniel, Exec. VP of Operations & Digital Banking (Age 54)
Has Independent Bank Co.(MI) been receiving favorable news coverage?
News coverage about IBCP stock has been trending positive recently, according to Accern Sentiment. Accern identifies negative and positive media coverage by monitoring 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 closest to one being the most favorable. Independent Bank Co.(MI) earned a news impact score of 0.39 on Accern's scale. They also assigned media coverage about the financial services provider an impact score of 47.31 out of 100, indicating that recent media coverage is somewhat unlikely to have an impact on the company's share price in the near future.
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 $25.40.
How big of a company is Independent Bank Co.(MI)?
Independent Bank Co.(MI) has a market capitalization of $612.32 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.
