Independent Bank Corporation (IBCP) Receives Consensus Rating of “Hold” from Brokerages
Shares of Independent Bank Corporation (NASDAQ:IBCP) have been given a consensus recommendation of “Hold” by the six ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $22.67.
A number of analysts recently weighed in on the stock. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Corporation in a research report on Friday, October 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $22.00 price target on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. BidaskClub cut shares of Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, 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 research report on Wednesday, September 27th.
Independent Bank Corporation (NASDAQ IBCP) opened at $22.70 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.84 and a quick ratio of 0.82. The firm has a market cap of $489.58 million, a PE ratio of 20.13, a price-to-earnings-growth ratio of 2.38 and a beta of 0.71.
Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01). Independent Bank Corporation had a net margin of 17.75% and a return on equity of 9.63%. The company had revenue of $33.22 million for the quarter, compared to analysts’ expectations of $33.36 million. analysts expect that Independent Bank Corporation will post 1.2 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.11%. This is a boost from Independent Bank Corporation’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, November 3rd. Independent Bank Corporation’s dividend payout ratio is 35.09%.
A number of institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its holdings 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 worth $12,125,000 after buying an additional 150,958 shares in the last quarter. Boston Partners lifted its holdings in Independent Bank Corporation by 58.2% in the 3rd quarter. Boston Partners now owns 253,700 shares of the financial services provider’s stock worth $5,746,000 after buying an additional 93,300 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Independent Bank Corporation by 24.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock worth $9,314,000 after buying an additional 85,186 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Independent Bank Corporation by 27.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock worth $7,481,000 after buying an additional 74,994 shares in the last quarter. Finally, Rothschild Asset Management Inc. lifted its holdings in Independent Bank Corporation by 76.1% in the 2nd quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock worth $3,582,000 after buying an additional 71,188 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other 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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