Independent Bank Co.(MI) (NASDAQ:IBCP) Receives “Neutral” Rating from Boenning Scattergood

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Boenning Scattergood reissued their neutral rating on shares of Independent Bank Co.(MI) (NASDAQ:IBCP) in a research note issued to investors on Tuesday morning, Zacks.com reports. Boenning Scattergood also issued estimates for Independent Bank Co.(MI)’s Q4 2019 earnings at $0.58 EPS and FY2019 earnings at $1.97 EPS.

A number of other brokerages have also weighed in on IBCP. DA Davidson restated a buy rating on shares of Independent Bank Co.(MI) in a research report on Monday, November 18th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a buy rating to a hold rating in a report on Thursday, December 26th. ValuEngine upgraded shares of Independent Bank Co.(MI) from a sell rating to a hold rating in a report on Friday, January 3rd. Finally, BidaskClub cut shares of Independent Bank Co.(MI) from a sell rating to a strong sell rating in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Independent Bank Co.(MI) currently has an average rating of Hold and a consensus price target of $26.00.

NASDAQ:IBCP traded up $0.23 during trading hours on Tuesday, reaching $22.80. 1,417 shares of the company traded hands, compared to its average volume of 83,637. The business’s 50-day moving average price is $22.45 and its two-hundred day moving average price is $21.56. The stock has a market capitalization of $507.86 million, a P/E ratio of 13.55 and a beta of 0.51. Independent Bank Co has a 1 year low of $18.94 and a 1 year high of $23.93. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 0.30.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $43.15 million for the quarter, compared to analysts’ expectations of $42.73 million. Independent Bank Co.(MI) had a return on equity of 12.55% and a net margin of 22.42%. As a group, equities analysts anticipate that Independent Bank Co will post 1.95 EPS for the current year.

In other news, EVP Robert N. Shuster sold 8,264 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $22.39, for a total transaction of $185,030.96. Following the transaction, the executive vice president now owns 58,088 shares of the company’s stock, valued at approximately $1,300,590.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.22% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank Co.(MI) by 8.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 54,312 shares of the financial services provider’s stock valued at $1,184,000 after acquiring an additional 4,264 shares during the last quarter. A.R.T. Advisors LLC bought a new position in shares of Independent Bank Co.(MI) during the 2nd quarter valued at approximately $261,000. Invesco Ltd. grew its position in shares of Independent Bank Co.(MI) by 1.0% during the 2nd quarter. Invesco Ltd. now owns 154,533 shares of the financial services provider’s stock valued at $3,367,000 after acquiring an additional 1,505 shares during the period. Algert Global LLC purchased a new stake in shares of Independent Bank Co.(MI) during the 2nd quarter valued at $242,000. Finally, Morgan Stanley raised its position in shares of Independent Bank Co.(MI) by 71.6% during the 2nd quarter. Morgan Stanley now owns 20,232 shares of the financial services provider’s stock valued at $441,000 after buying an additional 8,442 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Co.(MI) Company Profile

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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