Independent Bank Co.(MI) (NASDAQ:IBCP) Stock Price Up 7.7%

Independent Bank Co.(MI) (NASDAQ:IBCP)’s share price traded up 7.7% on Tuesday . The stock traded as high as $11.86 and last traded at $11.77, 155,600 shares changed hands during mid-day trading. An increase of 9% from the average session volume of 142,451 shares. The stock had previously closed at $10.93.

A number of research analysts recently issued reports on the company. Boenning Scattergood restated a “neutral” rating on shares of Independent Bank Co.(MI) in a research report on Tuesday, January 14th. BidaskClub downgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a report on Thursday, March 12th. DA Davidson lowered shares of Independent Bank Co.(MI) from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $26.00 to $24.00 in a research report on Friday, January 17th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Tuesday, March 17th. Finally, Stephens upgraded shares of Independent Bank Co.(MI) to a “buy” rating in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $24.00.

The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.91. The stock has a fifty day moving average price of $18.73 and a two-hundred day moving average price of $21.17. The company has a market cap of $241.66 million, a P/E ratio of 5.92 and a beta of 0.54.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. Independent Bank Co.(MI) had a return on equity of 13.60% and a net margin of 23.61%. The firm had revenue of $46.31 million for the quarter, compared to analysts’ expectations of $44.21 million. As a group, analysts forecast that Independent Bank Co will post 1.96 earnings per share for the current year.

In related news, Director Matthew J. Missad acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was acquired at an average cost of $16.24 per share, for a total transaction of $48,720.00. Following the completion of the acquisition, the director now directly owns 7,326 shares of the company’s stock, valued at approximately $118,974.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Patrick J. Ervin acquired 1,500 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were bought at an average price of $16.87 per share, for a total transaction of $25,305.00. Insiders have bought 5,967 shares of company stock worth $94,928 over the last three months. Corporate insiders own 4.44% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC grew its position in Independent Bank Co.(MI) by 0.6% in the fourth quarter. Nuveen Asset Management LLC now owns 368,373 shares of the financial services provider’s stock worth $8,344,000 after buying an additional 2,229 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independent Bank Co.(MI) during the fourth quarter valued at $293,000. Geode Capital Management LLC increased its stake in Independent Bank Co.(MI) by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 359,204 shares of the financial services provider’s stock worth $8,135,000 after purchasing an additional 18,816 shares in the last quarter. Bank of America Corp DE increased its stake in Independent Bank Co.(MI) by 7.2% in the 4th quarter. Bank of America Corp DE now owns 219,479 shares of the financial services provider’s stock worth $4,971,000 after purchasing an additional 14,744 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Independent Bank Co.(MI) by 11.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 142,960 shares of the financial services provider’s stock worth $3,238,000 after buying an additional 14,318 shares during the period. 82.94% of the stock is owned by hedge funds and other institutional investors.

About Independent Bank Co.(MI) (NASDAQ:IBCP)

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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