Boenning Scattergood Reiterates “Hold” Rating for Independent Bank Co.(MI) (IBCP)

Independent Bank Co.(MI) (NASDAQ:IBCP)‘s stock had its “hold” rating restated by equities researchers at Boenning Scattergood in a research report issued on Thursday.

Several other brokerages have also recently commented on IBCP. Compass Point raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $24.00 target price on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. Finally, Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Independent Bank Co.(MI) has an average rating of “Hold” and a consensus price target of $23.33.

Shares of Independent Bank Co (NASDAQ IBCP) opened at $22.55 on Thursday. The firm has a market capitalization of $489.61, a price-to-earnings ratio of 19.78, a PEG ratio of 2.43 and a beta of 0.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86. Independent Bank Co has a one year low of $18.50 and a one year high of $23.65.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $33.22 million for the quarter, compared to the consensus estimate of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. research analysts anticipate that Independent Bank Co will post 1.18 earnings per share for the current year.

Several large investors have recently made changes to their positions in IBCP. SG Americas Securities LLC purchased a new stake in shares of Independent Bank Co.(MI) during the third quarter worth $149,000. Sei Investments Co. purchased a new stake in shares of Independent Bank Co.(MI) during the second quarter worth $268,000. Alliancebernstein L.P. purchased a new stake in shares of Independent Bank Co.(MI) during the second quarter worth $298,000. Voya Investment Management LLC raised its holdings in shares of Independent Bank Co.(MI) by 7.7% during the second quarter. Voya Investment Management LLC now owns 17,313 shares of the financial services provider’s stock worth $377,000 after acquiring an additional 1,243 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in shares of Independent Bank Co.(MI) by 37.6% during the second quarter. Parametric Portfolio Associates LLC now owns 17,995 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 4,919 shares in the last quarter. Institutional investors and hedge funds own 81.66% of the company’s stock.

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Independent Bank Co.(MI) Company Profile

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

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