Independent Bank Co.(MI) (NASDAQ:IBCP) Lowered to Neutral at DA Davidson

DA Davidson downgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a buy rating to a neutral rating in a research report released on Friday morning, Briefing.com Automated Import reports. DA Davidson currently has $24.00 price objective on the financial services provider’s stock, down from their prior price objective of $26.00. DA Davidson also issued estimates for Independent Bank Co.(MI)’s FY2019 earnings at $2.27 EPS.

Several other research firms have also weighed in on IBCP. ValuEngine raised Independent Bank Co.(MI) from a sell rating to a hold rating in a research note on Friday, January 3rd. Boenning Scattergood reissued a neutral rating on shares of Independent Bank Co.(MI) in a research note on Tuesday. Zacks Investment Research lowered Independent Bank Co.(MI) from a buy rating to a hold rating in a research note on Thursday, December 26th. Finally, BidaskClub lowered Independent Bank Co.(MI) from a sell rating to a strong sell rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Independent Bank Co.(MI) has a consensus rating of Hold and a consensus target price of $25.00.

Shares of IBCP traded down $0.26 during trading hours on Friday, hitting $22.55. 192,088 shares of the company were exchanged, compared to its average volume of 109,166. The company has a market capitalization of $506.95 million, a PE ratio of 13.42 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.91. The firm has a fifty day simple moving average of $22.45 and a 200-day simple moving average of $21.57. Independent Bank Co has a one year low of $18.94 and a one year high of $23.93.

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

In other news, EVP Robert N. Shuster sold 8,264 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $22.39, for a total transaction of $185,030.96. Following the completion of the sale, the executive vice president now directly owns 58,088 shares of the company’s stock, valued at approximately $1,300,590.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.22% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of Independent Bank Co.(MI) by 214.7% in the third quarter. Millennium Management LLC now owns 331,496 shares of the financial services provider’s stock valued at $7,065,000 after purchasing an additional 226,158 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Independent Bank Co.(MI) by 3.1% in the third quarter. Squarepoint Ops LLC now owns 27,842 shares of the financial services provider’s stock valued at $593,000 after purchasing an additional 834 shares in the last quarter. Ancora Advisors LLC lifted its holdings in shares of Independent Bank Co.(MI) by 1.6% in the third quarter. Ancora Advisors LLC now owns 40,740 shares of the financial services provider’s stock valued at $868,000 after purchasing an additional 660 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Independent Bank Co.(MI) by 8.1% in the third quarter. First Trust Advisors LP now owns 64,123 shares of the financial services provider’s stock valued at $1,367,000 after purchasing an additional 4,816 shares in the last quarter. Finally, Creative Planning purchased a new stake in shares of Independent Bank Co.(MI) during the third quarter worth $810,000. Institutional investors own 80.74% of the company’s stock.

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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