Independent Bank Co.(MI) (IBCP) Receives Consensus Rating of “Hold” from Brokerages

Shares of Independent Bank Co.(MI) (NASDAQ:IBCP) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $24.00.

A number of research firms recently commented on IBCP. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $24.00 price target on shares of Independent Bank Co.(MI) in a research report on Friday, December 8th. BidaskClub raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Wednesday, January 31st. Compass Point raised Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Wednesday, January 3rd.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Independent Bank Co.(MI) by 9.3% during the 4th quarter. BlackRock Inc. now owns 1,888,063 shares of the financial services provider’s stock valued at $42,199,000 after purchasing an additional 160,154 shares during the last quarter. Maltese Capital Management LLC increased its holdings in Independent Bank Co.(MI) by 12.3% in the 4th quarter. Maltese Capital Management LLC now owns 993,365 shares of the financial services provider’s stock worth $22,202,000 after acquiring an additional 109,105 shares during the last quarter. Vanguard Group Inc. increased its holdings in Independent Bank Co.(MI) by 7.2% in the 2nd quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock worth $19,465,000 after acquiring an additional 59,814 shares during the last quarter. FMR LLC increased its holdings in Independent Bank Co.(MI) by 2.9% in the 2nd quarter. FMR LLC now owns 678,610 shares of the financial services provider’s stock worth $14,760,000 after acquiring an additional 19,426 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Independent Bank Co.(MI) by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock worth $12,243,000 after acquiring an additional 10,392 shares during the last quarter. 81.43% of the stock is owned by hedge funds and other institutional investors.

Shares of Independent Bank Co (NASDAQ IBCP) opened at $22.95 on Monday. The company has a market capitalization of $489.62, a price-to-earnings ratio of 24.16, a P/E/G ratio of 1.76 and a beta of 0.24. Independent Bank Co has a 12-month low of $18.50 and a 12-month high of $24.20. 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.(MI) (NASDAQ:IBCP) last released its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $34.76 million during the quarter, compared to analyst estimates of $34.23 million. Independent Bank Co.(MI) had a return on equity of 10.10% and a net margin of 14.54%. equities analysts anticipate that Independent Bank Co will post 1.63 earnings per share for the current fiscal year.

Independent Bank Co.(MI) announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 30th that allows the company to buyback 500% of shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Wednesday, February 7th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, February 6th. This is a positive change from Independent Bank Co.(MI)’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 2.61%. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is currently 63.16%.

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Independent Bank Co.(MI) Company Profile

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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