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

IBCP has been the topic of several research analyst reports. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Wednesday, May 31st. DA Davidson initiated coverage on Independent Bank Corporation in a research report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 price objective on the stock. BidaskClub downgraded Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Finally, ValuEngine raised Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd.

TRADEMARK VIOLATION NOTICE: This story was reported by American Banking News and is the sole property of of American Banking News. If you are reading this story on another site, it was illegally stolen and reposted in violation of US & international copyright and trademark legislation. The original version of this story can be read at https://www.americanbankingnews.com/2017/09/15/independent-bank-corporation-ibcp-receives-average-rating-of-hold-from-brokerages.html.

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Independent Bank Corporation by 7.2% in the 2nd quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after acquiring an additional 59,814 shares during the last quarter. Renaissance Technologies LLC grew its position in Independent Bank Corporation by 3.2% in the 1st quarter. Renaissance Technologies LLC now owns 767,300 shares of the financial services provider’s stock valued at $15,883,000 after acquiring an additional 23,700 shares during the last quarter. FMR LLC grew its position in Independent Bank Corporation by 2.9% in the 2nd quarter. FMR LLC now owns 678,610 shares of the financial services provider’s stock valued at $14,760,000 after acquiring an additional 19,426 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Independent Bank Corporation by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock valued at $12,243,000 after acquiring an additional 10,392 shares during the last quarter. Finally, State Street Corp grew its position in Independent Bank Corporation by 37.1% in the 2nd quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock valued at $12,125,000 after acquiring an additional 150,958 shares during the last quarter. 80.85% of the stock is currently owned by institutional investors.

Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at 20.45 on Friday. The stock has a market cap of $436.32 million, a price-to-earnings ratio of 18.24 and a beta of 0.52. The company has a 50-day moving average price of $20.56 and a 200-day moving average price of $20.99. Independent Bank Corporation has a 52 week low of $15.90 and a 52 week high of $23.65.

Independent Bank Corporation (NASDAQ:IBCP) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.02). The company had revenue of $31.94 million for the quarter, compared to the consensus estimate of $32.55 million. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. Equities analysts anticipate that Independent Bank Corporation will post $1.22 EPS for the current year.

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.

Receive News & Ratings for Independent Bank Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corporation and related companies with MarketBeat.com's FREE daily email newsletter.