Independent Bank Co.(MI) (NASDAQ:IBCP) Upgraded at BidaskClub

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BidaskClub upgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a strong sell rating to a sell rating in a research note published on Thursday morning, BidAskClub reports.

Separately, Zacks Investment Research raised shares of Independent Bank Co.(MI) from a sell rating to a hold rating in a research report on Tuesday, September 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Independent Bank Co.(MI) currently has a consensus rating of Hold and an average target price of $25.50.

NASDAQ:IBCP opened at $21.53 on Thursday. The firm has a 50 day simple moving average of $20.10 and a 200-day simple moving average of $21.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.92. The firm has a market cap of $490.82 million, a PE ratio of 12.82, a P/E/G ratio of 1.41 and a beta of 0.50. Independent Bank Co has a 1-year low of $18.94 and a 1-year high of $25.13.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The firm had revenue of $40.66 million during the quarter, compared to analyst estimates of $42.62 million. Independent Bank Co.(MI) had a net margin of 22.60% and a return on equity of 12.35%. As a group, sell-side analysts expect that Independent Bank Co will post 1.85 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its holdings in Independent Bank Co.(MI) by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 482,146 shares of the financial services provider’s stock valued at $10,135,000 after purchasing an additional 20,591 shares during the period. SG Americas Securities LLC purchased a new stake in Independent Bank Co.(MI) in the first quarter valued at approximately $105,000. LSV Asset Management grew its holdings in Independent Bank Co.(MI) by 33.2% in the first quarter. LSV Asset Management now owns 745,200 shares of the financial services provider’s stock valued at $16,021,000 after purchasing an additional 185,679 shares during the period. Meeder Asset Management Inc. grew its holdings in Independent Bank Co.(MI) by 55.8% in the second quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 2,542 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in Independent Bank Co.(MI) by 62.3% in the second quarter. Acadian Asset Management LLC now owns 251,509 shares of the financial services provider’s stock valued at $5,482,000 after purchasing an additional 96,529 shares during the period. Hedge funds and other institutional investors own 76.39% of the company’s stock.

Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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