Boenning Scattergood reiterated their hold rating on shares of Independent Bank Corporation (NASDAQ:IBCP) in a report released on Thursday morning.

Other analysts have also issued research reports about the stock. ValuEngine upgraded shares of Independent Bank Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded shares of Independent Bank Corporation from a hold rating to a buy rating and set a $23.00 target price for the company in a research note on Wednesday, May 31st. DA Davidson started coverage on shares of Independent Bank Corporation in a research note on Wednesday, July 5th. They issued a neutral rating and a $23.00 target price for the company. Finally, BidaskClub lowered shares of Independent Bank Corporation from a hold rating to a sell rating in a research note on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $21.17.

Shares of Independent Bank Corporation (NASDAQ IBCP) traded up 2.91% on Thursday, hitting $21.20. 188,588 shares of the stock were exchanged. The stock’s 50-day moving average is $21.21 and its 200-day moving average is $21.15. Independent Bank Corporation has a 1-year low of $15.14 and a 1-year high of $23.65. The stock has a market cap of $452.28 million, a price-to-earnings ratio of 18.91 and a beta of 0.50.

Independent Bank Corporation (NASDAQ:IBCP) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Independent Bank Corporation had a return on equity of 9.58% and a net margin of 17.68%. The firm had revenue of $31.94 million during the quarter, compared to the consensus estimate of $32.55 million. Analysts forecast that Independent Bank Corporation will post $1.22 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, August 7th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.40 annualized dividend and a yield of 1.89%. Independent Bank Corporation’s payout ratio is currently 35.71%.

Institutional investors have recently bought and sold shares of the stock. Globeflex Capital L P bought a new position in Independent Bank Corporation during the first quarter valued at $110,000. Legal & General Group Plc raised its position in Independent Bank Corporation by 0.7% in the first quarter. Legal & General Group Plc now owns 5,616 shares of the financial services provider’s stock valued at $117,000 after buying an additional 41 shares during the last quarter. TFS Capital LLC bought a new position in Independent Bank Corporation during the first quarter valued at $235,000. American International Group Inc. raised its position in Independent Bank Corporation by 7.1% in the first quarter. American International Group Inc. now owns 12,533 shares of the financial services provider’s stock valued at $259,000 after buying an additional 826 shares during the last quarter. Finally, Sei Investments Co. bought a new position in Independent Bank Corporation during the second quarter valued at $268,000. Institutional investors own 81.43% of the company’s stock.

About Independent Bank Corporation

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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