Independent Bank Co.(MI) (NASDAQ:IBCP)‘s stock had its “hold” rating restated by Boenning Scattergood in a note issued to investors on Tuesday.

Several other equities analysts have also commented on IBCP. Zacks Investment Research upgraded Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Wednesday, September 27th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $22.00 price objective on shares of Independent Bank Co.(MI) in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $22.67.

Shares of Independent Bank Co (NASDAQ:IBCP) traded up $0.25 during midday trading on Tuesday, reaching $22.55. The company’s stock had a trading volume of 64,800 shares, compared to its average volume of 71,240. The company has a market cap of $475.70, a price-to-earnings ratio of 19.56, a P/E/G ratio of 2.32 and a beta of 0.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.84. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $23.65.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $33.22 million during the quarter, compared to the consensus estimate of $33.36 million. Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. sell-side analysts expect that Independent Bank Co will post 1.2 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in IBCP. Thomson Horstmann & Bryant bought a new position in Independent Bank Co.(MI) during the 4th quarter worth approximately $8,889,000. The Manufacturers Life Insurance Company grew its position in Independent Bank Co.(MI) by 0.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 524,473 shares of the financial services provider’s stock worth $7,988,000 after acquiring an additional 2,708 shares during the last quarter. Foundry Partners LLC grew its position in Independent Bank Co.(MI) by 3.4% during the 1st quarter. Foundry Partners LLC now owns 218,782 shares of the financial services provider’s stock worth $3,183,000 after acquiring an additional 7,100 shares during the last quarter. Clover Partners L.P. grew its position in Independent Bank Co.(MI) by 7.3% during the 1st quarter. Clover Partners L.P. now owns 858,260 shares of the financial services provider’s stock worth $12,488,000 after acquiring an additional 58,461 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. grew its position in Independent Bank Co.(MI) by 9.2% during the 1st quarter. BlackRock Institutional Trust Company N.A. now owns 555,830 shares of the financial services provider’s stock worth $8,087,000 after acquiring an additional 47,057 shares during the last quarter. Hedge funds and other institutional investors own 81.66% of the company’s stock.

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About Independent Bank Co.(MI)

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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