IBCP

Independent Bank Corporation

Fundamental data last updated:August 12, 2026

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company profile

SECTOR

Financial Services

industry

Banks - Regional

Exchange

NASDAQ

County of HQ

US

Next Earnings Date

Pending Announcement

Business Summary

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. The company offers its services through approximately 59 branches, two drive-thru facilities, and seven loan production offices in Michigan; and two loan production offices in Ohio. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

 


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VALUATION

P/E

10.06

Market Cap ($M USD)

$703.49M

Forward P/E

8.92

PEG

0.70

PRICE TO SALES

2.27

PRICE TO BOOK

1.38

EV / EBITDA

8.33

5-Year Average P/E

Free Cash Flow Yield

3.67%

DCF Value

$26.13

Graham Number

$43.53

Price to FCF

27.24

EV to FCF

28.23

Earnings Yield

9.94%

FCF Yield

3.67%

DIVIDEND

Yield

3.16%

Annual Payout

$1.08

Payout Ratio

31.40%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

$3.39

Next Year EPS Growth Estimate

$3.83

Next Year Revenue Growth Estimate

$277.38M

Return on Equity (ROE)

14.15%

FREE CASH FLOW

Operating Margin

26.60%

Debt-to-Equity

0.23

Piotroski F-Score

7

Altman Z-Score

0.27

Return on Invested Capital (ROIC)

1.48%

Current Ratio

61.78

Quick Ratio

61.78

Net Debt to EBITDA

0.29

Interest Coverage

0.95

Gross Profit margin

70.31%

FCF PER SHARE

$1.26

REVENUE PER SHARE

$15.05

Analyze IBCP on TradingView

Gainseekers Quantitative Analysis

Summary

The market seems to have mispriced IBCP, trading above its DCF value and Graham Number, suggesting potential overvaluation. Despite a reasonable Forward P/E of 9.02, the Altman Z-score of 0.27 raises red flags about financial distress. The Earnings Yield of 9.83% is attractive, yet the low ROIC of 1.48% questions the company’s ability to generate returns above its cost of capital. Overall, the stock’s valuation metrics hint at a cautious approach, with growth prospects overshadowed by financial safety concerns.

AI Exposure / Tech Reliance

In the rapidly evolving financial services sector, IBCP's regional banking focus may limit its direct exposure to AI and tech disruptions. However, its adaptability to integrate fintech solutions could be crucial for future resilience. The industry demands innovation, and IBCP's ability to leverage technology will determine its competitive edge.

The Bull Case

For the value-driven investor, IBCP offers compelling reasons to buy. The ROIC, though low, is complemented by a solid FCF Yield of 3.63%, indicating efficient capital use. A Piotroski F-Score of 6 suggests moderate financial health, while a robust operating margin of 26.6% highlights strong pricing power. These metrics paint a picture of a company with the potential for stable cash flow and disciplined management.

The Bear Case

Despite some strengths, IBCP faces significant structural risks. The Price/Book ratio of 1.39 and Price/Sales of 2.30 suggest it may be overvalued relative to its peers. With a low Altman Z-score, the risk of financial instability looms large. Additionally, trading close to its 52-week high, the stock appears technically overextended, raising concerns about its sustainability at these levels.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Hold

Average Analyst Price Target

$38.00

Institutional Ownership %

1-Year Beta

0.70

Insider Buying % (6 Mo)

Distance to 52-Week High

14.73%

Distance to 52-Week Low

13.21%

EARNINGS SURPRISE %

2.53%

50-DAY SMA

$33.62

200-DAY SMA

$33.14

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.