Shares of Independent Bank Co.(MI) (NASDAQ:IBCP) have been assigned an average rating of “Hold” from the seven analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $24.00.

Several equities analysts have recently weighed in on IBCP shares. Compass Point upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Wednesday, September 27th. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Thursday, December 28th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $24.00 target price on shares of Independent Bank Co.(MI) in a research note on Friday, December 8th.

Independent Bank Co (IBCP) opened at $23.65 on Thursday. The firm has a market cap of $509.88, a PE ratio of 20.75, a PEG ratio of 1.92 and a beta of 0.69. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.84. Independent Bank Co has a 12 month low of $18.50 and a 12 month high of $24.20.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The business had revenue of $33.22 million during the quarter, compared to analysts’ expectations of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. equities research analysts expect that Independent Bank Co will post 1.18 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in Independent Bank Co.(MI) by 13.3% during the second quarter. Wells Fargo & Company MN now owns 118,762 shares of the financial services provider’s stock valued at $2,583,000 after acquiring an additional 13,951 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Independent Bank Co.(MI) during the third quarter valued at approximately $596,000. Rothschild Asset Management Inc. grew its stake in Independent Bank Co.(MI) by 62.0% during the third quarter. Rothschild Asset Management Inc. now owns 266,789 shares of the financial services provider’s stock valued at $6,043,000 after acquiring an additional 102,105 shares in the last quarter. Vanguard Group Inc. grew its stake in Independent Bank Co.(MI) by 7.2% during the second quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after acquiring an additional 59,814 shares in the last quarter. Finally, State Street Corp grew its stake in Independent Bank Co.(MI) by 37.1% during the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock valued at $12,125,000 after acquiring an additional 150,958 shares in the last quarter. 81.66% of the stock is owned by institutional investors.

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Independent Bank Co.(MI) Company Profile

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

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