IBCP Stock Overview
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses.
Independent Bank Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$19.67|
|52 Week High||US$26.00|
|52 Week Low||US$17.87|
|1 Month Change||-6.73%|
|3 Month Change||3.85%|
|1 Year Change||-7.04%|
|3 Year Change||-7.70%|
|5 Year Change||-13.16%|
|Change since IPO||39.94%|
Recent News & Updates
Independent Bank GAAP EPS of $0.61 beats by $0.06, revenue of $50.69M
Independent Bank press release (NASDAQ:IBCP): Q2 GAAP EPS of $0.61 beats by $0.06. Revenue of $50.69M (+9.8% Y/Y).
Independent Bank declares $0.22 dividend
Independent Bank (NASDAQ:IBCP) declares $0.22/share quarterly dividend, in line with previous. Forward yield 4.42% Payable Aug. 16; for shareholders of record Aug. 5; ex-div Aug. 4. See IBCP Dividend Scorecard, Yield Chart, & Dividend Growth.
|IBCP||US Banks||US Market|
Return vs Industry: IBCP exceeded the US Banks industry which returned -19.4% over the past year.
Return vs Market: IBCP exceeded the US Market which returned -21.6% over the past year.
|IBCP Average Weekly Movement||3.2%|
|Banks Industry Average Movement||3.4%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.9%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: IBCP is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: IBCP's weekly volatility (3%) has been stable over the past year.
About the Company
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. 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 machine, and Internet and mobile banking services. It also provides title insurance, insurance brokerage, and investment services.
Independent Bank Fundamentals Summary
|IBCP fundamental statistics|
Is IBCP overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|IBCP income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||2.82|
|Net Profit Margin||28.94%|
How did IBCP perform over the long term?See historical performance and comparison
4.5%Current Dividend Yield
Is IBCP undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 5/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for IBCP?
Other financial metrics that can be useful for relative valuation.
|What is IBCP's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does IBCP's PE Ratio compare to its peers?
|IBCP PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
RBB RBB Bancorp
GNTY Guaranty Bancshares
BHB Bar Harbor Bankshares
WBHC Wilson Bank Holding
IBCP Independent Bank
Price-To-Earnings vs Peers: IBCP is good value based on its Price-To-Earnings Ratio (7x) compared to the peer average (8.9x).
Price to Earnings Ratio vs Industry
How does IBCP's PE Ratio compare vs other companies in the US Banks Industry?
Price-To-Earnings vs Industry: IBCP is good value based on its Price-To-Earnings Ratio (7x) compared to the US Banks industry average (9.8x)
Price to Earnings Ratio vs Fair Ratio
What is IBCP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||7x|
|Fair PE Ratio||10.2x|
Price-To-Earnings vs Fair Ratio: IBCP is good value based on its Price-To-Earnings Ratio (7x) compared to the estimated Fair Price-To-Earnings Ratio (10.2x).
Share Price vs Fair Value
What is the Fair Price of IBCP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: IBCP ($19.67) is trading below our estimate of fair value ($67.62)
Significantly Below Fair Value: IBCP is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is less than 20% higher than the current share price.
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How is Independent Bank forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IBCP's earnings are forecast to decline over the next 3 years (-2.9% per year).
Earnings vs Market: IBCP's earnings are forecast to decline over the next 3 years (-2.9% per year).
High Growth Earnings: IBCP's earnings are forecast to decline over the next 3 years.
Revenue vs Market: IBCP's revenue is expected to decline over the next 3 years (-3.7% per year).
High Growth Revenue: IBCP's revenue is forecast to decline over the next 3 years (-3.7% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: IBCP's Return on Equity is forecast to be low in 3 years time (15.3%).
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How has Independent Bank performed over the past 5 years?
Past Performance Score2/6
Past Performance Score 2/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IBCP has high quality earnings.
Growing Profit Margin: IBCP's current net profit margins (28.9%) are lower than last year (32.8%).
Past Earnings Growth Analysis
Earnings Trend: IBCP's earnings have grown significantly by 21.7% per year over the past 5 years.
Accelerating Growth: IBCP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: IBCP had negative earnings growth (-16.3%) over the past year, making it difficult to compare to the Banks industry average (8.6%).
Return on Equity
High ROE: IBCP's Return on Equity (17.9%) is considered low.
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How is Independent Bank's financial position? (This company is analysed differently as a bank or financial institution)
Financial Health Score6/6
Financial Health Score 6/6
Allowance for Bad Loans
Low Risk Liabilities
Low Risk Deposits
Level of Bad Loans
Financial Position Analysis
Debt to Equity History and Analysis
Financial Institutions Analysis
Asset Level: IBCP's Assets to Equity ratio (14.6x) is moderate.
Allowance for Bad Loans: IBCP has a sufficient allowance for bad loans (1064%).
Low Risk Liabilities: 95% of IBCP's liabilities are made up of primarily low risk sources of funding.
Loan Level: IBCP has an appropriate level of Loans to Assets ratio (67%).
Low Risk Deposits: IBCP's Loans to Deposits ratio (75%) is appropriate.
Level of Bad Loans: IBCP has an appropriate level of bad loans (0.1%).
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What is Independent Bank current dividend yield, its reliability and sustainability?
Dividend Score 4/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IBCP's dividend (4.47%) is higher than the bottom 25% of dividend payers in the US market (1.62%).
High Dividend: IBCP's dividend (4.47%) is in the top 25% of dividend payers in the US market (4.45%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, IBCP has been paying a dividend for less than 10 years.
Growing Dividend: IBCP's dividend payments have increased, but the company has only paid a dividend for 8 years.
Current Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (30.8%), IBCP's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IBCP's dividends in 3 years are forecast to be well covered by earnings (34.9% payout ratio).
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Brad Kessel (58 yo)
Mr. William Bradford Kessel has been the Chief Executive Officer at Independent Bank Corporation and its subsidiary, Independent Bank Grand Rapids, Michigan since January 1, 2013. Mr. Kessel has been the P...
CEO Compensation Analysis
Compensation vs Market: Brad's total compensation ($USD1.34M) is below average for companies of similar size in the US market ($USD2.80M).
Compensation vs Earnings: Brad's compensation has been consistent with company performance over the past year.
Experienced Management: IBCP's management team is seasoned and experienced (8.3 years average tenure).
Experienced Board: IBCP's board of directors are considered experienced (7.2 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: IBCP insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
|22 Aug 22||BuyUS$42,609||Gavin Mohr||Individual||2,000||US$21.31|
|17 May 22||SellUS$43,499||Stefanie Kimball||Individual||2,239||US$19.53|
|28 Apr 22||BuyUS$40,327||Dennis Archer||Individual||2,000||US$20.16|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Independent Bank Corporation's employee growth, exchange listings and data sources
- Name: Independent Bank Corporation
- Ticker: IBCP
- Exchange: NasdaqGS
- Founded: 1864
- Industry: Regional Banks
- Sector: Banks
- Implied Market Cap: US$414.167m
- Shares outstanding: 21.06m
- Website: https://www.independentbank.com
Number of Employees
- Independent Bank Corporation
- 4200 East Beltline
- Grand Rapids
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|IBCP||NasdaqGS (Nasdaq Global Select)||Yes||Common Stock||US||USD||Sep 1985|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/23 00:00|
|End of Day Share Price||2022/09/23 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.