Independent Bank Corporation (NASDAQ:IBCP) is reporting third quarter financial results on Tuesday 27th October 2020, before market open.
According to analysts surveyed by Thomson Reuters, IBCP is expected to report 3Q20 income of $ 0.48 per share from revenue of $ 31.05 million.
For the full year, analysts anticipate top line of $ 123.99 million, while looking forward to income of $ 1.80 per share bottom line.
Previous Quarter Performance
Independent Bank Corporation unveiled income for the second quarter of $ 0.67 per share, from the revenue of $ 30.46 million. The quarterly earnings expanded 45.65 percent while revenues shrunk 0.98 percent compared with the same quarter last year.
Wall street analysts are predicting, IBCP to report 2Q20 income of $ 0.25 per share from revenue of $ 30.39 million. The bottom line results beat street analysts by $ 0.42 or 168.00 percent, at the same time, top line results outshined analysts by $ 0.07 million or 0.23 percent.
Stock Performance
Shares of Independent Bank Corporation traded up $ 0.13 or 0.86 percent on Friday, reaching $ 15.17 with volume of 51.50 thousand shares. Independent Bank Corporation has traded high as $ 15.46 and has cracked $ 14.96 on the downward trend
According to the previous trading day, closing price of $ 15.17, representing a 63.66 % increase from the 52 week low of $ 9.19 and a 35.03 % decrease over the 52 week high of $ 23.15.
The company has a market capital of $ 331.93 million and is part of the Financial Services sector and Banks – Regional – US industry.
Recent Analyst recommendations
- On 29th September 2020, maintained by Piper Sandler at Overweight rating, with $ 15.00 target price.
Recent Stock Dividend Announcement
The board of directors has authorized quarterly dividend of $ 0.20 per share on October 20, 2020. The dividend were payable on November 16, 2020 to holders of record as of the close of business on November 5, 2020 and ex-dividend date on November 4, 2020.
The board of directors has authorized quarterly dividend of $ 0.20 per share on July 21, 2020. The dividend were payable on August 14, 2020 to holders of record as of the close of business on August 4, 2020 and ex-dividend date on August 3, 2020.
Conference Call
Independent Bank Corporation will be hosting a conference call at 11:00 AM eastern time on 27th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.independentbank.com
Independent Bank Corporation operates as the 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.
