Analysts Set Independent Bank Corporation (IBCP) Target Price at $21.17

Independent Bank Corporation (NASDAQ:IBCP) has been assigned an average recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $21.17.

IBCP has been the topic of several recent research reports. BidaskClub downgraded shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Zacks Investment Research downgraded shares of Independent Bank Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. DA Davidson initiated coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 price target on the stock. Boenning Scattergood reiterated a “hold” rating on shares of Independent Bank Corporation in a research report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd.

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Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at 20.40 on Thursday. Independent Bank Corporation has a 12-month low of $15.80 and a 12-month high of $23.65. The company has a market cap of $435.25 million, a PE ratio of 18.20 and a beta of 0.48. The company has a 50 day moving average of $21.16 and a 200-day moving average of $21.14.

Independent Bank Corporation (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.02. The company had revenue of $31.94 million for 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%. Equities research analysts anticipate that Independent Bank Corporation will post $1.22 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th will be given a $0.10 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $0.40 annualized dividend and a yield of 1.96%. Independent Bank Corporation’s payout ratio is presently 35.71%.

Hedge funds have recently made changes to their positions in the stock. LSV Asset Management increased its stake in shares of Independent Bank Corporation by 47.7% in the first quarter. LSV Asset Management now owns 339,600 shares of the financial services provider’s stock valued at $7,029,000 after buying an additional 109,700 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Independent Bank Corporation by 24.8% in the second quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock valued at $9,314,000 after buying an additional 85,186 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Independent Bank Corporation by 27.9% in the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock valued at $7,481,000 after buying an additional 74,994 shares during the last quarter. Rothschild Asset Management Inc. increased its stake in shares of Independent Bank Corporation by 76.1% in the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock valued at $3,582,000 after buying an additional 71,188 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Independent Bank Corporation by 7.2% in the second quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after buying an additional 59,814 shares during the last quarter. Hedge funds and other institutional investors own 81.73% 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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