Independent Bank Co.(MI) (NASDAQ:IBCP) – Equities research analysts at Piper Sandler dropped their Q1 2021 earnings estimates for Independent Bank Co.(MI) in a report issued on Tuesday, March 24th. Piper Sandler analyst B. Nosal now anticipates that the financial services provider will post earnings of $0.26 per share for the quarter, down from their previous estimate of $0.37. Piper Sandler also issued estimates for Independent Bank Co.(MI)’s Q2 2021 earnings at $0.33 EPS, Q3 2021 earnings at $0.36 EPS and Q4 2021 earnings at $0.37 EPS.

IBCP has been the subject of several other reports. Stephens upgraded shares of Independent Bank Co.(MI) to a “buy” rating in a research report on Wednesday, January 29th. DA Davidson downgraded Independent Bank Co.(MI) from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $26.00 to $24.00 in a report on Friday, January 17th. TheStreet cut shares of Independent Bank Co.(MI) from a “b-” rating to a “c+” rating in a research report on Friday, March 13th. Boenning Scattergood restated a “neutral” rating on shares of Independent Bank Co.(MI) in a research note on Tuesday, January 14th. Finally, ValuEngine raised shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Independent Bank Co.(MI) has an average rating of “Hold” and an average target price of $24.00.

NASDAQ:IBCP opened at $11.90 on Thursday. The firm’s fifty day moving average price is $18.53 and its two-hundred day moving average price is $21.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.91. The company has a market cap of $260.23 million, a P/E ratio of 5.92 and a beta of 0.54. Independent Bank Co has a one year low of $9.19 and a one year high of $23.93.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.04. The company had revenue of $46.31 million for the quarter, compared to analysts’ expectations of $44.21 million. Independent Bank Co.(MI) had a net margin of 23.61% and a return on equity of 13.60%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aigen Investment Management LP bought a new position in shares of Independent Bank Co.(MI) in the 4th quarter valued at $30,000. Great West Life Assurance Co. Can acquired a new stake in Independent Bank Co.(MI) in the fourth quarter valued at about $42,000. Bailard Inc. acquired a new stake in Independent Bank Co.(MI) in the fourth quarter valued at about $215,000. Jefferies Group LLC acquired a new stake in Independent Bank Co.(MI) in the fourth quarter valued at about $217,000. Finally, Meeder Asset Management Inc. grew its position in Independent Bank Co.(MI) by 4.3% in the fourth quarter. Meeder Asset Management Inc. now owns 11,455 shares of the financial services provider’s stock valued at $259,000 after acquiring an additional 475 shares during the last quarter. Hedge funds and other institutional investors own 82.94% of the company’s stock.

In other news, EVP Patrick J. Ervin purchased 1,500 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average price of $16.87 per share, for a total transaction of $25,305.00. Also, Director Matthew J. Missad purchased 3,000 shares of Independent Bank Co.(MI) stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average price of $16.24 per share, for a total transaction of $48,720.00. Following the transaction, the director now directly owns 7,326 shares in the company, valued at approximately $118,974.24. The disclosure for this purchase can be found here. Insiders purchased 5,967 shares of company stock worth $94,928 in the last 90 days. 4.44% of the stock is owned by company insiders.

About Independent Bank Co.(MI)

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.

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

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