Independent Bank Co.(MI) (NASDAQ:IBCP) received a $26.00 target price from Hovde Group in a research report issued to clients and investors on Tuesday. The brokerage presently has a “hold” rating on the financial services provider’s stock. Hovde Group’s target price would suggest a potential upside of 2.77% from the company’s current price.
IBCP has been the subject of several other reports. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a report on Wednesday, January 3rd. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Co.(MI) in a report on Thursday, December 28th. Finally, BidaskClub upgraded Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $24.50.
Shares of IBCP traded up $0.65 during trading hours on Tuesday, hitting $25.30. The company had a trading volume of 344,893 shares, compared to its average volume of 94,387. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market cap of $512.96, a PE ratio of 20.74, a P/E/G ratio of 1.84 and a beta of 0.05. Independent Bank Co has a 52-week low of $18.50 and a 52-week high of $25.75.
Independent Bank Co.(MI) announced that its board has approved a stock repurchase program on Tuesday, January 30th that allows the company to repurchase 500% of shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems bought a new stake in Independent Bank Co.(MI) in the 4th quarter worth about $125,000. SG Americas Securities LLC bought a new stake in Independent Bank Co.(MI) in the 3rd quarter worth about $149,000. Stone Ridge Asset Management LLC bought a new stake in Independent Bank Co.(MI) in the 4th quarter worth about $255,000. MetLife Investment Advisors LLC bought a new stake in Independent Bank Co.(MI) in the 4th quarter worth about $265,000. Finally, KBC Group NV increased its holdings in Independent Bank Co.(MI) by 21.3% in the 4th quarter. KBC Group NV now owns 16,234 shares of the financial services provider’s stock worth $363,000 after buying an additional 2,850 shares in the last quarter. Institutional investors own 81.06% 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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