BidaskClub Lowers Independent Bank Co.(MI) (NASDAQ:IBCP) to Hold

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BidaskClub downgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a buy rating to a hold rating in a report issued on Saturday, BidAskClub reports.

Several other equities analysts also recently weighed in on IBCP. Zacks Investment Research downgraded Independent Bank Co.(MI) from a hold rating to a sell rating in a research report on Thursday, October 10th. ValuEngine raised Independent Bank Co.(MI) from a sell rating to a hold rating in a research report on Wednesday, October 2nd.

NASDAQ IBCP traded down $0.06 during trading hours on Friday, reaching $22.62. The company’s stock had a trading volume of 37,900 shares, compared to its average volume of 103,852. The company has a market capitalization of $517.97 million, a price-to-earnings ratio of 13.46 and a beta of 0.51. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average price is $21.68 and its 200-day moving average price is $21.26. Independent Bank Co has a 1 year low of $18.94 and a 1 year high of $23.93.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.04. The firm had revenue of $43.15 million for the quarter, compared to the consensus estimate of $42.73 million. Independent Bank Co.(MI) had a return on equity of 12.55% and a net margin of 22.42%. Equities research analysts anticipate that Independent Bank Co will post 1.95 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Wednesday, November 6th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank Co.(MI)’s dividend payout ratio (DPR) is presently 42.86%.

A number of institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. grew its position in Independent Bank Co.(MI) by 16.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 887,672 shares of the financial services provider’s stock valued at $18,921,000 after acquiring an additional 125,967 shares during the last quarter. LSV Asset Management grew its position in Independent Bank Co.(MI) by 3.2% in the 2nd quarter. LSV Asset Management now owns 769,300 shares of the financial services provider’s stock valued at $16,763,000 after acquiring an additional 24,100 shares during the last quarter. Wells Fargo & Company MN grew its position in Independent Bank Co.(MI) by 68.0% in the 2nd quarter. Wells Fargo & Company MN now owns 437,488 shares of the financial services provider’s stock valued at $9,532,000 after acquiring an additional 177,031 shares during the last quarter. Jacobs Asset Management LLC bought a new position in Independent Bank Co.(MI) in the 2nd quarter valued at $7,157,000. Finally, Nuveen Asset Management LLC bought a new position in Independent Bank Co.(MI) in the 2nd quarter valued at $6,719,000. 76.48% of the stock is currently owned by 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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