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
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 Ratio21.56
Forward P/E Ratio16.04
P/E Growth1.98
Sales & Book Value
Annual Sales$140.84 million
Price / Sales4.50
Cash Flow$1.5805 per share
Price / Cash16.64
Book Value$12.42 per share
Price / Book2.12
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
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) announced a quarterly dividend on Tuesday, April 24th. Stockholders of record on Monday, May 7th will be given a dividend of $0.15 per share on Tuesday, May 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.28%. 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) announced that its board has approved a stock repurchase program on Wednesday, January 31st 2018, which permits the company to repurchase 500% of outstanding shares, according to EventVestor. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign 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) issued its quarterly earnings data on Monday, April, 23rd. The financial services provider reported $0.38 EPS for the quarter, beating the Zacks' consensus estimate of $0.36 by $0.02. The financial services provider had revenue of $35.46 million for the quarter, compared to analyst estimates 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 business posted $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?
5 brokers have issued twelve-month price targets for Independent Bank Co.(MI)'s stock. Their forecasts range from $23.00 to $26.00. On average, they anticipate Independent Bank Co.(MI)'s share price to reach $24.3333 in the next twelve months. 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. " (6/16/2018)
- 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 First Interstate BancSystem (FIBK), TowneBank (TOWN), ServisFirst Bancshares (SFBS), Renasant (RNST), Independent Bank (INDB), Hilltop (HTH), Ameris Bancorp (ABCB), Eagle Bancorp (EGBN), Banner (BANR), Independent Bank Group (IBTX), Pacific Premier Bancorp (PPBI), Heartland Financial USA (HTLF), First Bancorp (FBP), First Busey (BUSE) and S & T Bancorp (STBA).
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 stories about IBCP stock have trended somewhat positive recently, according to Accern Sentiment Analysis. Accern identifies positive and negative news coverage by monitoring more than 20 million news and blog sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Independent Bank Co.(MI) earned a media sentiment score of 0.06 on Accern's scale. They also assigned press coverage about the financial services provider an impact score of 47.00 out of 100, meaning that recent news coverage is somewhat unlikely to have an impact on the company's share price in the near term.
Who are Independent Bank Co.(MI)'s major shareholders?
Independent Bank Co.(MI)'s stock is owned by a variety of of retail and institutional investors. Top institutional shareholders include BlackRock Inc. (8.08%), Maltese Capital Management LLC (3.94%), LSV Asset Management (2.74%), Russell Investments Group Ltd. (2.08%), Dimensional Fund Advisors LP (1.73%) and JPMorgan Chase & Co. (1.53%). 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 institutional investors are selling Independent Bank Co.(MI) stock?
IBCP stock was sold by a variety of institutional investors in the last quarter, including The Manufacturers Life Insurance Company , Millennium Management LLC, JPMorgan Chase & Co., Maltese Capital Management LLC, Thomson Horstmann & Bryant Inc., Highbridge Capital Management LLC, Rothschild Asset Management Inc. and GSA Capital Partners LLP. 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, Robert N Shuster, Stefanie M Kimball, Terry L Haske and William B Kessel. View Insider Buying and Selling for Independent Bank Co.(MI).
Which institutional investors are buying Independent Bank Co.(MI) stock?
IBCP stock was acquired by a variety of institutional investors in the last quarter, including LSV Asset Management, American Century Companies Inc., BlackRock Inc., Systematic Financial Management LP, Russell Investments Group Ltd., Algert Global LLC, Dupont Capital Management Corp and Thrivent Financial for Lutherans. 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 $26.30.
How big of a company is Independent Bank Co.(MI)?
Independent Bank Co.(MI) has a market capitalization of $627.98 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) (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.
