Independent Bank Co. (NASDAQ:IBCP) Given Average Recommendation of “Hold” by Analysts


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Shares of Independent Bank Co. (NASDAQ:IBCP) have earned a consensus recommendation of “Hold” from the nine research firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $19.50.

IBCP has been the subject of several recent research reports. BidaskClub raised Independent Bank from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 7th. Zacks Investment Research lowered Independent Bank from a “strong-buy” rating to a “sell” rating in a research report on Wednesday, December 30th. TheStreet raised Independent Bank from a “c+” rating to a “b” rating in a research report on Monday, November 9th. Piper Sandler reduced their price target on Independent Bank from $17.50 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, September 29th. Finally, Boenning Scattergood restated a “neutral” rating on shares of Independent Bank in a report on Friday, October 2nd.

Shares of IBCP stock opened at $20.26 on Thursday. The stock has a fifty day moving average of $18.54 and a 200 day moving average of $15.42. Independent Bank has a 52 week low of $9.19 and a 52 week high of $22.98. The firm has a market capitalization of $443.37 million, a price-to-earnings ratio of 8.51 and a beta of 1.05. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 0.29.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Sunday, November 1st. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.41. Independent Bank had a return on equity of 15.01% and a net margin of 24.64%. The company had revenue of $58.98 million during the quarter, compared to analyst estimates of $46.90 million. Equities research analysts anticipate that Independent Bank will post 2.42 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rehmann Capital Advisory Group increased its holdings in Independent Bank by 27.7% in the 3rd quarter. Rehmann Capital Advisory Group now owns 17,857 shares of the financial services provider’s stock worth $224,000 after buying an additional 3,876 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $214,000. Morgan Stanley grew its stake in shares of Independent Bank by 212.1% during the 3rd quarter. Morgan Stanley now owns 37,599 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 25,551 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank by 26.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 163,351 shares of the financial services provider’s stock valued at $2,054,000 after purchasing an additional 33,713 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Independent Bank by 39.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 196,702 shares of the financial services provider’s stock valued at $2,473,000 after purchasing an additional 56,136 shares during the period. Institutional investors own 74.68% of the company’s stock.

About Independent Bank

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses. 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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Analyst Recommendations for Independent Bank (NASDAQ:IBCP)

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