Independent Bank Co.(MI)’s (IBCP) Buy Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their buy rating on shares of Independent Bank Co.(MI) (NASDAQ:IBCP) in a research report report published on Tuesday morning, TipRanks reports.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Independent Bank Co.(MI) from a hold rating to a sell rating in a research note on Wednesday, April 22nd. Stephens raised Independent Bank Co.(MI) to a buy rating in a research note on Wednesday, January 29th. TheStreet cut Independent Bank Co.(MI) from a b- rating to a c+ rating in a research note on Friday, March 13th. Keefe, Bruyette & Woods raised Independent Bank Co.(MI) from a market perform rating to an outperform rating in a research note on Wednesday, April 1st. Finally, BidaskClub cut Independent Bank Co.(MI) from a hold rating to a sell rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $24.00.

Shares of IBCP opened at $14.47 on Tuesday. Independent Bank Co has a 12-month low of $9.19 and a 12-month high of $23.93. The business has a 50-day simple moving average of $13.49 and a two-hundred day simple moving average of $18.65. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.42. The stock has a market cap of $333.65 million, a PE ratio of 8.33 and a beta of 0.97.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, April 30th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.16). Independent Bank Co.(MI) had a return on equity of 12.34% and a net margin of 21.29%. The firm had revenue of $41.20 million during the quarter, compared to analyst estimates of $43.01 million. On average, equities research analysts expect that Independent Bank Co will post 1.33 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.20 per share. The ex-dividend date was Monday, May 4th. This represents a $0.80 annualized dividend and a dividend yield of 5.53%. Independent Bank Co.(MI)’s payout ratio is 40.00%.

In other Independent Bank Co.(MI) news, EVP Patrick J. Ervin bought 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $16.87 per share, for a total transaction of $25,305.00. Also, Director Matthew J. Missad bought 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were acquired at an average price of $16.24 per share, for a total transaction of $48,720.00. Following the transaction, the director now owns 7,326 shares in the company, valued at $118,974.24. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 5,967 shares of company stock worth $94,928. 4.44% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Aigen Investment Management LP boosted its holdings in Independent Bank Co.(MI) by 67.5% in the first quarter. Aigen Investment Management LP now owns 2,208 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 890 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in Independent Bank Co.(MI) in the fourth quarter worth approximately $42,000. BNP Paribas Arbitrage SA boosted its holdings in Independent Bank Co.(MI) by 164.8% in the first quarter. BNP Paribas Arbitrage SA now owns 6,782 shares of the financial services provider’s stock worth $87,000 after acquiring an additional 4,221 shares in the last quarter. Citigroup Inc. boosted its holdings in Independent Bank Co.(MI) by 17.5% in the first quarter. Citigroup Inc. now owns 11,034 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 1,644 shares in the last quarter. Finally, Atom Investors LP bought a new position in Independent Bank Co.(MI) in the first quarter worth approximately $146,000. Institutional investors and hedge funds own 81.45% of the company’s stock.

About Independent Bank Co.(MI)

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.

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Analyst Recommendations for Independent Bank Co.(MI) (NASDAQ:IBCP)

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