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Equities researchers at Sandler O’Neill started coverage on shares of Independent Bank Co.(MI) (NASDAQ:IBCP) in a research report issued on Friday. The firm set a “buy” rating on the stock.

Independent Bank Co (NASDAQ:IBCP) opened at 12.03 on Friday. Independent Bank Co has a 1-year low of $8.66 and a 1-year high of $14.25. The stock has a 50-day moving average of $12.40 and a 200-day moving average of $12.71. The company has a market cap of $276.0 million and a P/E ratio of 15.01.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly 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. On average, analysts predict that Independent Bank Co will post $0.79 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at FIG Partners upgraded shares of Independent Bank Co.(MI) from a “market perform” rating to an “outperform” rating in a research note on Friday, August 22nd. They now have a $14.00 price target on the stock. Separately, 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. Finally, 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $20.00.

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

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