Shares of Independent Bank Corporation (NASDAQ:IBCP) have been assigned a consensus recommendation of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $21.17.

A number of analysts have recently weighed in on IBCP shares. Zacks Investment Research raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Friday, June 23rd. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a report on Thursday, July 27th. BidaskClub downgraded shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. ValuEngine raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, DA Davidson started coverage on shares of Independent Bank Corporation in a report on Wednesday, July 5th. They set a “neutral” rating and a $23.00 price target for the company.

Independent Bank Corporation (NASDAQ IBCP) opened at 20.50 on Monday. Independent Bank Corporation has a 1-year low of $15.80 and a 1-year high of $23.65. The company has a market cap of $437.39 million, a PE ratio of 18.29 and a beta of 0.48. The stock has a 50 day moving average of $21.16 and a 200-day moving average of $21.13.

Independent Bank Corporation (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a return on equity of 9.48% and a net margin of 17.68%. The firm had revenue of $31.94 million for the quarter, compared to the consensus estimate of $32.55 million. On average, equities research analysts predict that Independent Bank Corporation will post $1.22 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Thursday, August 3rd. Independent Bank Corporation’s dividend payout ratio (DPR) is presently 35.71%.

Hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. purchased a new stake in shares of Independent Bank Corporation during the first quarter worth $474,000. KBC Group NV increased its stake in shares of Independent Bank Corporation by 19.0% in the first quarter. KBC Group NV now owns 15,434 shares of the financial services provider’s stock worth $319,000 after buying an additional 2,467 shares during the period. Bank of Montreal Can increased its stake in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock worth $780,000 after buying an additional 33,620 shares during the period. Norges Bank purchased a new stake in shares of Independent Bank Corporation during the fourth quarter worth $824,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Independent Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 138,059 shares of the financial services provider’s stock worth $2,858,000 after buying an additional 4,037 shares during the period. 81.98% of the stock is owned by institutional investors.

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About Independent Bank Corporation

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. 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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