Independent Bank Co.(MI) (NASDAQ:IBCP) Downgraded by BidaskClub

BidaskClub downgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a hold rating to a sell rating in a research note released on Saturday morning, BidAskClub reports.

A number of other analysts have also recently issued reports on the company. ValuEngine cut Independent Bank Co.(MI) from a hold rating to a sell rating in a research report on Wednesday, March 20th. Boenning Scattergood reaffirmed a hold rating on shares of Independent Bank Co.(MI) in a research report on Thursday, May 2nd. Finally, Zacks Investment Research cut Independent Bank Co.(MI) from a hold rating to a sell rating in a research report on Thursday, April 25th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $26.00.

IBCP stock opened at $21.31 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 0.93. The company has a 50 day moving average of $21.60. The company has a market capitalization of $503.73 million, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.43 and a beta of 0.41. Independent Bank Co has a twelve month low of $20.18 and a twelve month high of $26.65.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.07). Independent Bank Co.(MI) had a net margin of 21.81% and a return on equity of 12.33%. The company had revenue of $40.20 million during the quarter, compared to the consensus estimate of $41.70 million. On average, equities analysts forecast that Independent Bank Co will post 1.87 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IBCP. BlackRock Inc. lifted its holdings in Independent Bank Co.(MI) by 18.1% during the 4th quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock worth $52,921,000 after purchasing an additional 385,851 shares during the last quarter. PL Capital Advisors LLC lifted its holdings in Independent Bank Co.(MI) by 12.3% during the 1st quarter. PL Capital Advisors LLC now owns 1,827,285 shares of the financial services provider’s stock worth $39,287,000 after purchasing an additional 200,000 shares during the last quarter. LSV Asset Management lifted its holdings in Independent Bank Co.(MI) by 33.2% during the 1st quarter. LSV Asset Management now owns 745,200 shares of the financial services provider’s stock worth $16,021,000 after purchasing an additional 185,679 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Independent Bank Co.(MI) by 4.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 482,146 shares of the financial services provider’s stock worth $10,135,000 after purchasing an additional 20,591 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Independent Bank Co.(MI) by 1.3% during the 1st quarter. JPMorgan Chase & Co. now owns 325,152 shares of the financial services provider’s stock worth $6,991,000 after purchasing an additional 4,251 shares during the last quarter. 80.03% of the stock is owned by institutional investors.

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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