A number of research firms have changed their ratings and price targets for Independent Bank Co.(MI) (NASDAQ: IBCP):

  • 1/31/2019 – Independent Bank Co.(MI) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 1/31/2019 – Independent Bank Co.(MI) was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan’s Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services. “
  • 1/31/2019 – Independent Bank Co.(MI) had its “hold” rating reaffirmed by analysts at Boenning Scattergood. They wrote, “We believe Independent is well positioned to continue generating double-digit organic growth alongside disciplined expense control and stable credit performance. The company has entered a new chapter, having closed its first acquisition since the Great Recession, and is demonstrating the ability to consistently generate higher-quality earnings growth. Near-term, we continue to believe the company‚Äôs focus will be heavily geared toward a successful integration in order to preserve the positive initiatives management has employed over the last three years (branch optimization, expanded mortgage team, credit improvement, etc.), and that growth will remain strong, albeit slower than the rapid pace experienced in 2017 and 2018.””
  • 1/25/2019 – Independent Bank Co.(MI) was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan’s Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services. “
  • 1/15/2019 – Independent Bank Co.(MI) was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan’s Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services. “
  • 1/2/2019 – Independent Bank Co.(MI) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.
  • 12/18/2018 – Independent Bank Co.(MI) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.

Shares of IBCP opened at $22.40 on Thursday. The firm has a market capitalization of $536.84 million, a price-to-earnings ratio of 13.33, a PEG ratio of 1.42 and a beta of 0.37. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.93 and a current ratio of 0.95. Independent Bank Co has a 1 year low of $20.18 and a 1 year high of $27.10.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Tuesday, January 29th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.07). The firm had revenue of $39.62 million during the quarter, compared to the consensus estimate of $41.37 million. Independent Bank Co.(MI) had a net margin of 22.71% and a return on equity of 12.94%. Research analysts anticipate that Independent Bank Co will post 1.95 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, February 5th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, February 4th. This is a positive change from Independent Bank Co.(MI)’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 3.21%. Independent Bank Co.(MI)’s payout ratio is presently 42.86%.

In other news, Director Michael M. Magee, Jr. bought 3,892 shares of the stock in a transaction on Friday, November 30th. The shares were purchased at an average cost of $22.98 per share, for a total transaction of $89,438.16. Following the completion of the purchase, the director now directly owns 23,885 shares in the company, valued at approximately $548,877.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.22% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of IBCP. Legal & General Group Plc raised its stake in shares of Independent Bank Co.(MI) by 14.5% during the 3rd quarter. Legal & General Group Plc now owns 3,773 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 478 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Independent Bank Co.(MI) by 89.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,898 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 897 shares during the period. Federated Investors Inc. PA raised its stake in shares of Independent Bank Co.(MI) by 25.2% during the 3rd quarter. Federated Investors Inc. PA now owns 6,158 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 1,241 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Independent Bank Co.(MI) by 32.9% during the 4th quarter. Meeder Asset Management Inc. now owns 6,179 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,528 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Independent Bank Co.(MI) by 1,738.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,636 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,547 shares during the period. Hedge funds and other institutional investors own 79.94% of the company’s stock.

Independent Bank Corporation operates as the bank 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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