Independent Bank Corporation (IBCP) Receiving Somewhat Favorable Media Coverage, Report Shows

Media stories about Independent Bank Corporation (NASDAQ:IBCP) have trended somewhat positive on Thursday, according to Accern Sentiment. The research group ranks the sentiment of media coverage by analyzing more than twenty million blog and news sources in real-time. Accern ranks coverage of public companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Independent Bank Corporation earned a coverage optimism score of 0.25 on Accern’s scale. Accern also gave media stories about the financial services provider an impact score of 46.0489732613116 out of 100, indicating that recent media coverage is somewhat unlikely to have an impact on the stock’s share price in the next few days.

Independent Bank Corporation (IBCP) traded down 0.22% on Thursday, hitting $22.55. 51,177 shares of the company were exchanged. The stock has a market capitalization of $481.13 million, a P/E ratio of 20.12 and a beta of 0.55. Independent Bank Corporation has a 52 week low of $16.33 and a 52 week high of $23.65. The company has a 50 day moving average price of $21.02 and a 200-day moving average price of $21.08.

Independent Bank Corporation (NASDAQ:IBCP) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.02). The company had revenue of $31.94 million for the quarter, compared to the consensus estimate of $32.55 million. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. On average, equities analysts expect that Independent Bank Corporation will post $1.21 earnings per share for the current fiscal year.

A number of research analysts recently weighed in on IBCP shares. Zacks Investment Research raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Wednesday, September 27th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $22.00 price target on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. DA Davidson started coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target on the stock. Finally, BidaskClub lowered shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $22.67.

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About Independent Bank Corporation

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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