Independent Bank Co.(MI) (IBCP) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a hold rating to a buy rating in a report published on Tuesday. They currently have $24.00 price objective on the financial services provider’s stock.

According to Zacks, “Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan’s Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services. “

Other research analysts have also recently issued reports about the stock. ValuEngine cut shares of Independent Bank Co.(MI) from a buy rating to a hold rating in a report on Monday, July 2nd. Hovde Group set a $27.00 price objective on shares of Independent Bank Co.(MI) and gave the stock a hold rating in a research report on Friday, July 27th. BidaskClub lowered shares of Independent Bank Co.(MI) from a hold rating to a sell rating in a research report on Tuesday, October 23rd. Boenning Scattergood reaffirmed a hold rating on shares of Independent Bank Co.(MI) in a research report on Monday, July 30th. Finally, DA Davidson raised shares of Independent Bank Co.(MI) from a neutral rating to a buy rating and set a $27.00 price objective on the stock in a research report on Monday, October 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Independent Bank Co.(MI) presently has a consensus rating of Hold and an average target price of $25.50.

Independent Bank Co.(MI) stock opened at $22.61 on Tuesday. Independent Bank Co has a fifty-two week low of $21.11 and a fifty-two week high of $27.10. The stock has a market cap of $518.76 million, a P/E ratio of 13.25, a PEG ratio of 1.52 and a beta of 0.06. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.90 and a current ratio of 0.92.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.04. Independent Bank Co.(MI) had a net margin of 18.87% and a return on equity of 13.36%. The business had revenue of $41.53 million for the quarter, compared to analysts’ expectations of $40.69 million. As a group, research analysts anticipate that Independent Bank Co will post 1.76 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Friday, November 2nd. Independent Bank Co.(MI)’s dividend payout ratio is 49.18%.

In other Independent Bank Co.(MI) news, Director Michael M. Magee, Jr. sold 15,000 shares of Independent Bank Co.(MI) stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $24.80, for a total value of $372,000.00. Following the sale, the director now owns 34,814 shares of the company’s stock, valued at $863,387.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.22% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Huntington National Bank bought a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $137,000. Mackay Shields LLC bought a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $242,000. Baird Financial Group Inc. bought a new stake in shares of Independent Bank Co.(MI) in the second quarter valued at approximately $243,000. A.R.T. Advisors LLC bought a new stake in shares of Independent Bank Co.(MI) in the first quarter valued at approximately $246,000. Finally, Calamos Advisors LLC bought a new stake in shares of Independent Bank Co.(MI) in the third quarter valued at approximately $273,000. 77.74% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank 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.

Further Reading: Technical Analysis

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