Independent Bank (NASDAQ:IBCP) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Independent Bank (NASDAQ:IBCP) from a buy rating to a hold rating in a research report report published on Tuesday morning, Zacks.com reports.

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. “

NASDAQ:IBCP opened at $25.83 on Tuesday. The firm has a market cap of $549.58 million, a P/E ratio of 8.44 and a beta of 1.07. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt-to-equity ratio of 0.27. The stock’s 50 day simple moving average is $23.64 and its 200-day simple moving average is $22.06. Independent Bank has a 12-month low of $18.29 and a 12-month high of $25.87.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Monday, October 25th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. The business had revenue of $53.50 million for the quarter, compared to analyst estimates of $47.57 million. Independent Bank had a return on equity of 17.13% and a net margin of 30.55%. During the same quarter in the previous year, the company posted $0.89 earnings per share. Research analysts forecast that Independent Bank will post 2.94 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 15th. Investors of record on Friday, November 5th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend was Thursday, November 4th. Independent Bank’s dividend payout ratio is presently 27.45%.

Hedge funds have recently made changes to their positions in the stock. Professional Financial Advisors LLC acquired a new position in Independent Bank during the third quarter worth $30,000. Advisor Group Holdings Inc. grew its holdings in Independent Bank by 49.3% during the second quarter. Advisor Group Holdings Inc. now owns 4,655 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 1,538 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Independent Bank by 86.1% during the third quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 2,852 shares during the period. Metropolitan Life Insurance Co NY grew its holdings in Independent Bank by 97,642.9% during the second quarter. Metropolitan Life Insurance Co NY now owns 6,842 shares of the financial services provider’s stock worth $149,000 after acquiring an additional 6,835 shares during the period. Finally, Nisa Investment Advisors LLC grew its holdings in Independent Bank by 65.9% during the third quarter. Nisa Investment Advisors LLC now owns 7,550 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 3,000 shares during the period. 79.42% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Ionia, MI.

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