Independent Bank Co.(MI) (NASDAQ:IBCP) posted its quarterly earnings results on Monday. The financial services provider reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.07), Morningstar.com reports. Independent Bank Co.(MI) had a return on equity of 12.72% and a net margin of 22.71%.

Independent Bank Co.(MI) stock opened at $20.70 on Tuesday. Independent Bank Co has a one year low of $20.18 and a one year high of $27.10. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. The firm has a market capitalization of $530.09 million, a PE ratio of 12.32, a P/E/G ratio of 1.41 and a beta of 0.43.

A number of equities analysts have recently commented on IBCP shares. ValuEngine raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Zacks Investment Research raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Thursday, January 31st. Boenning Scattergood reaffirmed a “hold” rating on shares of Independent Bank Co.(MI) in a report on Thursday, January 31st. Finally, BidaskClub raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Saturday, February 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $26.00.

In other news, insider Robert N. Shuster sold 5,255 shares of the firm’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $23.25, for a total value of $122,178.75. Following the completion of the transaction, the insider now directly owns 58,188 shares of the company’s stock, valued at $1,352,871. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.22% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of IBCP. PL Capital Advisors LLC boosted its stake in Independent Bank Co.(MI) by 40.5% during the fourth quarter. PL Capital Advisors LLC now owns 1,627,285 shares of the financial services provider’s stock valued at $34,206,000 after buying an additional 469,000 shares during the period. BlackRock Inc. boosted its stake in Independent Bank Co.(MI) by 18.1% during the fourth quarter. BlackRock Inc. now owns 2,517,721 shares of the financial services provider’s stock valued at $52,921,000 after buying an additional 385,851 shares during the period. Ackerman Capital Advisors LLC boosted its stake in Independent Bank Co.(MI) by 1,826.8% during the fourth quarter. Ackerman Capital Advisors LLC now owns 231,220 shares of the financial services provider’s stock valued at $11,000,000 after buying an additional 219,220 shares during the period. Morgan Stanley boosted its stake in Independent Bank Co.(MI) by 108.1% during the third quarter. Morgan Stanley now owns 338,164 shares of the financial services provider’s stock valued at $7,997,000 after buying an additional 175,671 shares during the period. Finally, Bank of America Corp DE boosted its stake in Independent Bank Co.(MI) by 79.9% during the fourth quarter. Bank of America Corp DE now owns 245,133 shares of the financial services provider’s stock valued at $5,153,000 after buying an additional 108,868 shares during the period. 79.06% of the stock is owned by institutional investors.

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Independent Bank Co.(MI) Company Profile

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

Read More: Institutional Investors

Earnings History for Independent Bank Co.(MI) (NASDAQ:IBCP)

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