Independent Bank Co.(MI) Lowered to “Market Perform” at Keefe, Bruyette & Woods (IBCP)
Independent Bank Co.(MI) (NASDAQ:IBCP) was downgraded by equities researchers at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday. They currently have a $14.00 target price on the stock, down from their previous target price of $14.50. Keefe, Bruyette & Woods’ target price points to a potential upside of 9.72% from the stock’s previous close.
The analysts wrote, “We are transferring coverage of Independent Bank Corporation from Christopher McGratty, trimming our target to $14 from $14.50 and lowering our rating to Market Perform from Outperform. “While we commend management on its efforts to de-risk the balance sheet, shore up its capital structure and rid itself of credit issues, we believe the next leg of the Independent story may take some time to play out. Given this outlook, along with the recent out-performance in the shares, we feel moving to Market Perform is the appropriate call at this time.”
Independent Bank Co (NASDAQ:IBCP) opened at 12.76 on Wednesday. Independent Bank Co has a 52 week low of $5.81 and a 52 week high of $14.25. The stock’s 50-day moving average is $12.90 and its 200-day moving average is $12.84. The company has a market cap of $292.5 million and a price-to-earnings ratio of 3.83.
Independent Bank Co.(MI) (NASDAQ:IBCP) last released its earnings data on Monday, April 21st. The company reported $0.13 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.16 by $0.03. Analysts expect that Independent Bank Co will post $0.73 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks upgraded shares of Independent Bank Co.(MI) from an “underperform” rating to a “neutral” rating in a research note on Monday, June 23rd. They now have a $13.40 price target on the stock. Finally, analysts at FIG Partners initiated coverage on shares of Independent Bank Co.(MI) in a research note on Tuesday, June 17th. They set a “market perform” rating on the stock.
In other Independent Bank Co.(MI) news, Chairman Michael M. Magee, Jr. sold 24,864 shares of Independent Bank Co.(MI) stock on the open market in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $12.91, for a total transaction of $320,994.24. The sale was disclosed in a document filed with the SEC, which is available at this link.
Independent Bank Corporation is a bank holding company. The Company owns Independent Bank (NASDAQ:IBCP).
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