Analysts Set Independent Bank Co.(MI) (IBCP) Target Price at $23.50

Shares of Independent Bank Co.(MI) (NASDAQ:IBCP) have received an average recommendation of “Hold” from the seven ratings firms that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $23.50.

A number of equities research analysts have commented on the company. BidaskClub raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Monday, February 5th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Co.(MI) in a report on Wednesday, January 31st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $24.00 price target on shares of Independent Bank Co.(MI) in a report on Friday, December 8th. Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Wednesday, January 3rd. Finally, Compass Point raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a report on Monday, December 18th.

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NASDAQ:IBCP opened at $24.10 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The stock has a market cap of $500.14, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 1.79 and a beta of 0.05. Independent Bank Co has a 52 week low of $18.50 and a 52 week high of $24.50.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.03. The business had revenue of $34.76 million for the quarter, compared to analysts’ expectations of $34.23 million. Independent Bank Co.(MI) had a return on equity of 10.07% and a net margin of 14.54%. analysts predict that Independent Bank Co will post 1.63 earnings per share for the current fiscal year.

Independent Bank Co.(MI) declared that its Board of Directors has authorized a share buyback plan on Tuesday, January 30th that permits the company to buyback 500% of shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. purchased a new position in shares of Independent Bank Co.(MI) during the third quarter valued at about $596,000. Ramsey Quantitative Systems purchased a new position in shares of Independent Bank Co.(MI) during the fourth quarter valued at about $125,000. Wells Fargo & Company MN grew its position in shares of Independent Bank Co.(MI) by 8.3% during the third quarter. Wells Fargo & Company MN now owns 128,563 shares of the financial services provider’s stock valued at $2,912,000 after purchasing an additional 9,801 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Independent Bank Co.(MI) by 6.1% during the fourth quarter. Victory Capital Management Inc. now owns 80,286 shares of the financial services provider’s stock valued at $1,794,000 after purchasing an additional 4,586 shares in the last quarter. Finally, American Century Companies Inc. purchased a new position in shares of Independent Bank Co.(MI) during the fourth quarter valued at about $853,000. Hedge funds and other institutional investors own 81.09% of the company’s stock.

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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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