Independent Bank Corporation (NASDAQ:IBCP)‘s stock had its “hold” rating reissued by equities researchers at Keefe, Bruyette & Woods in a research note issued on Wednesday. They currently have a $22.00 target price on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Wednesday, September 27th. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. DA Davidson assumed coverage on Independent Bank Corporation in a research report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 price objective for the company. Finally, BidaskClub cut Independent Bank Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Independent Bank Corporation presently has a consensus rating of “Hold” and an average price target of $22.67.

Shares of Independent Bank Corporation (NASDAQ:IBCP) remained flat at $22.00 on Wednesday. 30,153 shares of the company were exchanged. The stock has a 50 day moving average price of $20.79 and a 200 day moving average price of $21.00. The stock has a market cap of $469.39 million, a P/E ratio of 19.63 and a beta of 0.55. Independent Bank Corporation has a one year low of $16.33 and a one year high of $23.65.

Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.02). The firm had revenue of $31.94 million during the quarter, compared to the consensus estimate of $32.55 million. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. On average, analysts forecast that Independent Bank Corporation will post $1.21 EPS for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the business. Teachers Advisors LLC increased its stake in shares of Independent Bank Corporation by 4.1% in the fourth quarter. Teachers Advisors LLC now owns 33,543 shares of the financial services provider’s stock valued at $728,000 after buying an additional 1,330 shares in the last quarter. Nationwide Fund Advisors increased its stake in shares of Independent Bank Corporation by 33.9% in the first quarter. Nationwide Fund Advisors now owns 52,914 shares of the financial services provider’s stock valued at $1,095,000 after buying an additional 13,410 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Independent Bank Corporation by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 138,059 shares of the financial services provider’s stock valued at $2,858,000 after buying an additional 4,037 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Independent Bank Corporation in the first quarter valued at $474,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Independent Bank Corporation by 8.7% in the first quarter. JPMorgan Chase & Co. now owns 343,044 shares of the financial services provider’s stock valued at $7,101,000 after buying an additional 27,414 shares in the last quarter. Hedge funds and other institutional investors own 80.85% of the company’s stock.

Independent Bank Corporation 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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