Independent Bank Co.(MI) (IBCP) Upgraded to “Buy” at Compass Point

Compass Point upgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a neutral rating to a buy rating in a report published on Monday.

Several other research analysts have also recently commented on IBCP. Keefe, Bruyette & Woods reiterated a hold rating and set a $24.00 price target on shares of Independent Bank Co.(MI) in a report on Friday, December 8th. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a hold rating to a buy rating and set a $23.00 target price for the company in a report on Wednesday, September 27th. Finally, Boenning Scattergood restated a hold rating on shares of Independent Bank Co.(MI) in a report on Tuesday, December 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $23.33.

Independent Bank Co (IBCP) traded up $0.70 during midday trading on Monday, reaching $23.50. 192,200 shares of the company’s stock traded hands, compared to its average volume of 74,939. The company has a quick ratio of 0.84, a current ratio of 0.86 and a debt-to-equity ratio of 0.40. Independent Bank Co has a 12 month low of $18.50 and a 12 month high of $23.65. The firm has a market cap of $486.41, a PE ratio of 20.00, a PEG ratio of 2.41 and a beta of 0.70.

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

Institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its holdings in shares of Independent Bank Co.(MI) by 13.3% in the 2nd quarter. Wells Fargo & Company MN now owns 118,762 shares of the financial services provider’s stock valued at $2,583,000 after buying an additional 13,951 shares in the last quarter. Rothschild Asset Management Inc. boosted its stake in Independent Bank Co.(MI) by 62.0% during the 3rd quarter. Rothschild Asset Management Inc. now owns 266,789 shares of the financial services provider’s stock worth $6,043,000 after purchasing an additional 102,105 shares during the period. Vanguard Group Inc. boosted its stake in Independent Bank Co.(MI) by 7.2% during the 2nd quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock worth $19,465,000 after purchasing an additional 59,814 shares during the period. State Street Corp boosted its stake in Independent Bank Co.(MI) by 37.1% during the 2nd quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after purchasing an additional 150,958 shares during the period. Finally, Alliancebernstein L.P. acquired a new stake in Independent Bank Co.(MI) during the 2nd quarter worth $298,000. 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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