Zacks: Brokerages Set $17.00 Target Price for Independent Bank Corp. (IBCP)
Shares of Independent Bank Corp. (NASDAQ:IBCP) have earned an average broker rating score of 3.00 (Hold) from the three analysts that provide coverage for the stock, Zacks Investment Research reports. Three investment analysts have rated the stock with a hold recommendation.
Analysts have set a 12-month consensus price objective of $17.00 for the company and are anticipating that the company will post $0.26 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Independent Bank Corp. an industry rank of 153 out of 265 based on the ratings given to its competitors.
IBCP has been the subject of several research analyst reports. Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Monday, August 1st. Hovde Group initiated coverage on Independent Bank Corp. in a report on Friday, September 23rd. They issued a “market perform” rating and a $17.50 price objective for the company.
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Independent Bank Corp. (NASDAQ:IBCP) traded up 0.30% during trading on Tuesday, reaching $16.68. The company had a trading volume of 9,389 shares. The company has a 50-day moving average of $16.47 and a 200-day moving average of $15.39. Independent Bank Corp. has a 52-week low of $13.42 and a 52-week high of $17.20. The firm has a market capitalization of $354.00 million, a P/E ratio of 17.67 and a beta of 0.12.
Independent Bank Corp. (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. Independent Bank Corp. had a return on equity of 8.54% and a net margin of 17.43%. Analysts expect that Independent Bank Corp. will post $1.01 EPS for the current fiscal year.
In other Independent Bank Corp. news, Director Michael M. Magee, Jr. acquired 6,082 shares of Independent Bank Corp. stock in a transaction dated Thursday, September 1st. The stock was acquired at an average cost of $16.37 per share, for a total transaction of $99,562.34. Following the completion of the transaction, the director now owns 37,682 shares in the company, valued at approximately $616,854.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark L. Collins sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $16.37, for a total value of $32,740.00. Following the transaction, the insider now owns 57,563 shares of the company’s stock, valued at $942,306.31. The disclosure for this sale can be found here. Insiders own 5.38% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Maltese Capital Management LLC increased its position in shares of Independent Bank Corp. by 21.4% in the second quarter. Maltese Capital Management LLC now owns 922,600 shares of the financial services provider’s stock valued at $13,387,000 after buying an additional 162,600 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Independent Bank Corp. by 2.5% in the second quarter. Vanguard Group Inc. now owns 794,874 shares of the financial services provider’s stock valued at $11,533,000 after buying an additional 19,507 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Independent Bank Corp. during the second quarter valued at about $6,705,000. Dimensional Fund Advisors LP increased its position in shares of Independent Bank Corp. by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 292,203 shares of the financial services provider’s stock valued at $4,239,000 after buying an additional 3,214 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Independent Bank Corp. by 8.0% in the second quarter. Panagora Asset Management Inc. now owns 246,044 shares of the financial services provider’s stock valued at $3,570,000 after buying an additional 18,249 shares in the last quarter. Institutional investors and hedge funds own 78.66% of the company’s stock.
About Independent Bank Corp.
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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