Independent Bank Co.(MI) (NASDAQ:IBCP) Downgraded by BidaskClub

Share on StockTwits

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

A number of other brokerages have also weighed in on IBCP. Boenning Scattergood restated a hold rating on shares of Independent Bank Co.(MI) in a research report on Thursday, May 2nd. ValuEngine lowered Independent Bank Co.(MI) from a hold rating to a sell rating in a research report on Wednesday, March 20th. Finally, Zacks Investment Research lowered Independent Bank Co.(MI) from a hold rating to a sell rating in a research report on Thursday, April 25th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Independent Bank Co.(MI) currently has a consensus rating of Hold and a consensus target price of $26.00.

Shares of IBCP stock opened at $21.31 on Friday. The company has a market cap of $503.73 million, a price-to-earnings ratio of 12.68, a P/E/G ratio of 1.43 and a beta of 0.41. Independent Bank Co has a twelve month low of $20.18 and a twelve month high of $26.65. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.91. The stock’s fifty day moving average price is $21.60.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.07). The firm had revenue of $40.20 million for the quarter, compared to the consensus estimate of $41.70 million. Independent Bank Co.(MI) had a return on equity of 12.33% and a net margin of 21.81%. On average, sell-side analysts anticipate that Independent Bank Co will post 1.87 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in IBCP. PNC Financial Services Group Inc. lifted its holdings in 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 worth $35,000 after buying an additional 1,547 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Independent Bank Co.(MI) during the 4th quarter worth about $37,000. Advisor Group Inc. acquired a new position in Independent Bank Co.(MI) during the 4th quarter worth about $51,000. BNP Paribas Arbitrage SA lifted its holdings in Independent Bank Co.(MI) by 56,300.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,512 shares of the financial services provider’s stock worth $97,000 after buying an additional 4,504 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Independent Bank Co.(MI) during the 1st quarter worth about $105,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also: Moving Average – How it Helps Investors in Stock Selection

Receive News & Ratings for Independent Bank Co.(MI) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Co.(MI) and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

BABB  Price Reaches $0.0001 on Exchanges
BABB Price Reaches $0.0001 on Exchanges
Eterbase Tops 1-Day Volume of $392,818.00
Eterbase Tops 1-Day Volume of $392,818.00
Analyzing Dime Community Bancshares  and First Guaranty Bancshares
Analyzing Dime Community Bancshares and First Guaranty Bancshares
Brokerages Expect Flexion Therapeutics Inc  to Post -$0.98 EPS
Brokerages Expect Flexion Therapeutics Inc to Post -$0.98 EPS
Jesus Coin Price Tops $0.0000 on Major Exchanges
Jesus Coin Price Tops $0.0000 on Major Exchanges
ShowHand  Trading Down 54.4% This Week
ShowHand Trading Down 54.4% This Week


 
© 2006-2019 Zolmax.