Independent Bank Co.(MI) (NASDAQ:IBCP) was upgraded by research analysts at Compass Point from a “neutral” rating to a “buy” rating in a research note issued on Monday.

A number of other equities analysts also recently weighed in on the company. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a research report on Friday, October 27th. Zacks Investment Research raised Independent Bank Co.(MI) 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. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $22.00 price target on shares of Independent Bank Co.(MI) in a research report on Wednesday, October 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Independent Bank Co.(MI) currently has an average rating of “Hold” and an average target price of $23.33.

Independent Bank Co (NASDAQ IBCP) opened at $23.20 on Monday. Independent Bank Co has a 12-month low of $18.50 and a 12-month high of $23.65. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.84 and a current ratio of 0.86. The firm has a market capitalization of $486.41, a P/E ratio of 20.00, a price-to-earnings-growth ratio of 2.41 and a beta of 0.70.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly 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). Independent Bank Co.(MI) had a return on equity of 9.52% and a net margin of 17.75%. The firm had revenue of $33.22 million for the quarter, compared to analyst estimates of $33.36 million. sell-side analysts expect that Independent Bank Co will post 1.18 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in IBCP. Teachers Advisors LLC raised its stake in shares of Independent Bank Co.(MI) by 32.3% during the 1st quarter. Teachers Advisors LLC now owns 44,368 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 10,825 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Independent Bank Co.(MI) by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 835,144 shares of the financial services provider’s stock worth $17,287,000 after purchasing an additional 36,961 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank Co.(MI) by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 259,784 shares of the financial services provider’s stock worth $5,378,000 after purchasing an additional 2,690 shares in the last quarter. Sei Investments Co. bought a new stake in shares of Independent Bank Co.(MI) during the 2nd quarter worth approximately $268,000. Finally, Boston Partners raised its stake in shares of Independent Bank Co.(MI) by 13.4% during the 2nd quarter. Boston Partners now owns 160,400 shares of the financial services provider’s stock worth $3,489,000 after purchasing an additional 19,000 shares in the last quarter. Institutional investors own 81.66% of the company’s stock.

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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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