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Independent Bank Co.(MI) (NASDAQ:IBCP) was upgraded by stock analysts at FIG Partners from a “market perform” rating to an “outperform” rating in a report issued on Friday. The firm currently has a $14.00 target price on the stock. FIG Partners’ price objective would suggest a potential upside of 16.67% from the stock’s previous close.

A number of other firms have also recently commented on IBCP. Analysts at Zacks upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 7th. They now have a $14.00 price target on the stock. Analysts at Keefe, Bruyette & Woods downgraded shares of Independent Bank Co.(MI) from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 2nd. They now have a $14.00 price target on the stock, down previously from $14.50.

Shares of Independent Bank Co (NASDAQ:IBCP) opened at 12.00 on Friday. Independent Bank Co has a 52 week low of $8.60 and a 52 week high of $14.25. The stock has a 50-day moving average of $12.51 and a 200-day moving average of $12.7. The company has a market cap of $275.3 million and a P/E ratio of 14.76.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its earnings results on Monday, July 28th. The company reported $0.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.08. Analysts expect that Independent Bank Co will post $0.79 EPS for the current fiscal year.

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

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