Independent Bank Corporation (IBCP)
Financial Services · NMS
Fundamentals
Valuation and ratings
Independent Bank Corporation trades at USD36.49, which is 108% below the USD75.99 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 43 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 10.9 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
IBCP dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | USD0.560 | 2 |
| 2025 | USD1.04 | 4 |
| 2024 | USD0.960 | 4 |
| 2023 | USD0.920 | 4 |
| 2022 | USD0.880 | 4 |
| 2021 | USD0.840 | 4 |
| 2020 | USD0.800 | 4 |
| 2019 | USD0.720 | 4 |
| 2018 | USD0.600 | 4 |
| 2017 | USD0.420 | 4 |
| 2016 | USD0.340 | 4 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
IBCP earnings and analyst estimates
Recommendation mix, 5 analyst ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About Independent Bank Corporation
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts. It also provides consumer loans that consists of real estate loans comprising residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties, as well as other consumer loans; and investment and financial services. In addition, the company offers cash management; investment management and trust services; additional services, such as estate settlement, financial planning, tax services, and other special services; sale of mutual fund shares, unit investment trust shares, third party model portfolios, general securities, and fixed and variable annuities, as well as life insurance products; debit and credit card; safe deposit box services; automatic teller machines; and internet and mobile banking services. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.
IBCP passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Super investor ownership
9 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$19.39M · 0.0% of book
- Two Sigma, TWO SIGMA INVESTMENTS, LP$11.67M · 0.0% of book
- Arrowstreet Capital, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$6.04M · 0.0% of book
- Paul Tudor Jones, TUDOR INVESTMENT CORP ET AL$4.73M · 0.0% of book
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$4.52M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Independent Bank Corporation (IBCP) undervalued?
Against our discounted cash flow estimate of USD75.99, IBCP at USD36.49 is 108% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own IBCP?
9 of the institutions we track reported a position in IBCP in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is IBCP's P/E ratio?
IBCP trades at 10.9 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Independent Bank Corporation (IBCP) pay a dividend?
Yes. Independent Bank Corporation yields 2.97% at the current share price. It has paid USD1.08 per share over the trailing twelve months. It has paid a dividend in each of the last 12 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
When does IBCP report earnings next?
Independent Bank Corporation is scheduled to report on 23 Jul 2026. Companies move earnings dates, so read it as scheduled rather than certain.
The full research page for IBCP, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.