Independent Bank Co.(MI) (NASDAQ:IBCP) Stock Rating Reaffirmed by Boenning Scattergood

Independent Bank Co.(MI) (NASDAQ:IBCP)‘s stock had its “neutral” rating reissued by Boenning Scattergood in a research report issued to clients and investors on Tuesday, Zacks.com reports. Boenning Scattergood also issued estimates for Independent Bank Co.(MI)’s Q4 2019 earnings at $0.58 EPS and FY2019 earnings at $1.97 EPS.

A number of other equities research analysts have also commented on IBCP. ValuEngine upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. BidaskClub lowered shares of Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 8th. DA Davidson restated a “buy” rating on shares of Independent Bank Co.(MI) in a report on Monday, November 18th. Finally, Zacks Investment Research downgraded shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research report on Thursday, December 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $26.00.

Shares of NASDAQ:IBCP traded up $0.23 during midday trading on Tuesday, reaching $22.80. 35,625 shares of the company were exchanged, compared to its average volume of 83,637. Independent Bank Co has a fifty-two week low of $18.94 and a fifty-two week high of $23.93. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. The stock has a fifty day simple moving average of $22.45 and a two-hundred day simple moving average of $21.56. The firm has a market cap of $507.86 million, a PE ratio of 13.57 and a beta of 0.51.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. The business had revenue of $43.15 million for the quarter, compared to analyst estimates of $42.73 million. As a group, analysts forecast that Independent Bank Co will post 1.95 earnings per share for the current year.

In related news, EVP Robert N. Shuster sold 8,264 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $22.39, for a total value of $185,030.96. Following the completion of the transaction, the executive vice president now owns 58,088 shares of the company’s stock, valued at $1,300,590.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.22% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its position in shares of Independent Bank Co.(MI) by 16.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 887,672 shares of the financial services provider’s stock valued at $18,921,000 after acquiring an additional 125,967 shares during the period. Millennium Management LLC grew its position in shares of Independent Bank Co.(MI) by 214.7% in the 3rd quarter. Millennium Management LLC now owns 331,496 shares of the financial services provider’s stock valued at $7,065,000 after acquiring an additional 226,158 shares during the period. Nuveen Asset Management LLC bought a new position in shares of Independent Bank Co.(MI) in the 2nd quarter valued at about $6,719,000. Foundry Partners LLC grew its position in shares of Independent Bank Co.(MI) by 24.3% in the 3rd quarter. Foundry Partners LLC now owns 247,570 shares of the financial services provider’s stock valued at $5,277,000 after acquiring an additional 48,425 shares during the period. Finally, Invesco Ltd. grew its position in shares of Independent Bank Co.(MI) by 1.0% in the 2nd quarter. Invesco Ltd. now owns 154,533 shares of the financial services provider’s stock valued at $3,367,000 after acquiring an additional 1,505 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

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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