Independent Bank Co.(MI) (NASDAQ:IBCP) Downgraded by BidaskClub to Strong Sell

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Independent Bank Co.(MI) (NASDAQ:IBCP) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Wednesday, BidAskClub reports.

Other equities analysts also recently issued reports about the stock. DA Davidson reissued a “buy” rating on shares of Independent Bank Co.(MI) in a research note on Monday, November 18th. ValuEngine raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, Zacks Investment Research downgraded shares of Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a research note on Thursday, December 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $26.00.

IBCP stock opened at $22.20 on Wednesday. Independent Bank Co has a 1 year low of $18.94 and a 1 year high of $23.93. The company has a market cap of $503.58 million, a P/E ratio of 13.21 and a beta of 0.51. The firm has a 50-day moving average of $22.45 and a 200 day moving average of $21.52. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.91.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.04. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. The company had revenue of $43.15 million during the quarter, compared to the consensus estimate of $42.73 million. On average, equities research analysts expect that Independent Bank Co will post 1.95 earnings per share for the current fiscal year.

In related news, EVP Robert N. Shuster sold 8,264 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $22.39, for a total value of $185,030.96. Following the completion of the transaction, the executive vice president now directly owns 58,088 shares of the company’s stock, valued at $1,300,590.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.22% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in IBCP. Quantamental Technologies LLC increased its stake in shares of Independent Bank Co.(MI) by 136.7% during the second quarter. Quantamental Technologies LLC now owns 1,851 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 1,069 shares in the last quarter. Gyroscope Capital Management Group LLC bought a new position in shares of Independent Bank Co.(MI) during the third quarter valued at approximately $169,000. Meeder Asset Management Inc. increased its stake in shares of Independent Bank Co.(MI) by 54.7% during the third quarter. Meeder Asset Management Inc. now owns 10,980 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 3,881 shares in the last quarter. Algert Global LLC bought a new position in shares of Independent Bank Co.(MI) during the second quarter valued at approximately $242,000. Finally, A.R.T. Advisors LLC bought a new position in shares of Independent Bank Co.(MI) during the second quarter valued at approximately $261,000. 80.74% of the stock is owned by institutional investors and hedge funds.

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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