Independent Bank Co.(MI) (IBCP) Rating Increased to Buy at Zacks Investment Research

Independent Bank Co.(MI) (NASDAQ:IBCP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $25.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.89% from the company’s current price.

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. “

IBCP has been the subject of several other research reports. Compass Point raised shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $22.00 price objective on shares of Independent Bank Co.(MI) in a research report on Wednesday, October 4th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Thursday, December 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Independent Bank Co.(MI) currently has an average rating of “Hold” and a consensus price target of $24.00.

Shares of Independent Bank Co (NASDAQ IBCP) traded up $0.10 during trading hours on Wednesday, reaching $22.75. 125,500 shares of the company’s stock traded hands, compared to its average volume of 119,367. 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 one year low of $18.50 and a one year high of $23.65. The firm has a market capitalization of $483.21, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 1.82 and a beta of 0.69.

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

Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its position in shares of 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 worth $2,583,000 after buying an additional 13,951 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in shares of Independent Bank Co.(MI) during the third quarter worth approximately $596,000. Rothschild Asset Management Inc. grew its position in shares of 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 worth $6,043,000 after buying an additional 102,105 shares in the last quarter. Vanguard Group Inc. grew its position in shares of 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 worth $19,465,000 after buying an additional 59,814 shares in the last quarter. Finally, State Street Corp grew its position in shares of 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 worth $12,125,000 after buying an additional 150,958 shares in the last quarter. 81.66% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION NOTICE: This piece of content was originally published by Ticker Report and is owned by of Ticker Report. If you are accessing this piece of content on another publication, it was illegally copied and republished in violation of US and international copyright laws. The original version of this piece of content can be read at https://www.tickerreport.com/banking-finance/3127527/independent-bank-co-mi-ibcp-rating-increased-to-buy-at-zacks-investment-research.html.

About Independent Bank Co.(MI)

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.

Receive News & Ratings for Independent Bank Co.(MI) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Co.(MI) and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


Leave a Reply

© 2006-2018 Ticker Report. Google+.