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Independent Bank Corp. (NASDAQ:IBCP) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report released on Thursday. They currently have a $10.80 target price on the stock. Zacks‘s target price would suggest a potential downside of 16.28% from the company’s current price.

Shares of Independent Bank Corp. (NASDAQ:IBCP) traded down 0.85% on Thursday, hitting $12.79. The stock had a trading volume of 51,044 shares. Independent Bank Corp. has a one year low of $5.51 and a one year high of $14.25. The stock’s 50-day moving average is $12.83 and its 200-day moving average is $12.7. The company has a market cap of $293.2 million and a price-to-earnings ratio of 3.84.

Independent Bank Corp. (NASDAQ:IBCP) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.16 by $0.03. Analysts expect that Independent Bank Corp. will post $0.73 EPS for the current fiscal year.

Separately, analysts at FIG Partners initiated coverage on shares of Independent Bank Corp. in a research note on Tuesday. They set a “market perform” rating on the stock.

In other Independent Bank Corp. news, Chairman Michael M. Magee, Jr. sold 24,864 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $12.91, for a total value of $320,994.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Independent Bank Corporation is a bank holding company. The Company owns Independent Bank (NASDAQ:IBCP).

To view Zacks’ full report, visit Zacks’ official website.

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