Independent Bank Corporation (NASDAQ:IBCP) Given Hold Rating at Boenning Scattergood

Boenning Scattergood reiterated their hold rating on shares of Independent Bank Corporation (NASDAQ:IBCP) in a research report sent to investors on Thursday, July 27th.

Other analysts have also issued research reports about the company. BidaskClub lowered Independent Bank Corporation from a hold rating to a sell rating in a report on Wednesday, July 19th. DA Davidson initiated coverage on shares of Independent Bank Corporation in a research report on Wednesday, July 5th. They set a neutral rating and a $23.00 target price on the stock. Zacks Investment Research downgraded shares of Independent Bank Corporation from a buy rating to a hold rating in a research report on Thursday, June 22nd. Finally, ValuEngine raised shares of Independent Bank Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Independent Bank Corporation presently has an average rating of Hold and a consensus target price of $21.17.

Independent Bank Corporation (NASDAQ:IBCP) opened at 20.65 on Thursday. Independent Bank Corporation has a 52 week low of $15.80 and a 52 week high of $23.65. The stock has a market capitalization of $440.59 million, a P/E ratio of 18.42 and a beta of 0.48. The firm has a 50 day moving average price of $21.21 and a 200 day moving average price of $21.13.

Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by $0.02. Independent Bank Corporation had a net margin of 17.68% and a return on equity of 9.48%. The company had revenue of $31.94 million for the quarter, compared to analyst estimates of $32.55 million. Equities research analysts predict that Independent Bank Corporation will post $1.22 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, August 3rd. Independent Bank Corporation’s dividend payout ratio is currently 35.71%.

Large investors have recently modified their holdings of the stock. State Street Corp increased its stake in shares of Independent Bank Corporation by 4.2% in the fourth quarter. State Street Corp now owns 407,458 shares of the financial services provider’s stock valued at $8,842,000 after buying an additional 16,297 shares in the last quarter. Norges Bank acquired a new stake in shares of Independent Bank Corporation during the fourth quarter valued at about $824,000. Teachers Advisors LLC increased its stake in shares of Independent Bank Corporation by 4.1% in the fourth quarter. Teachers Advisors LLC now owns 33,543 shares of the financial services provider’s stock valued at $728,000 after buying an additional 1,330 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Independent Bank Corporation by 830.5% in the first quarter. Bank of Montreal Can now owns 37,668 shares of the financial services provider’s stock valued at $780,000 after buying an additional 33,620 shares in the last quarter. Finally, Nationwide Fund Advisors increased its stake in shares of Independent Bank Corporation by 33.9% in the first quarter. Nationwide Fund Advisors now owns 52,914 shares of the financial services provider’s stock valued at $1,095,000 after buying an additional 13,410 shares in the last quarter. 81.98% of the stock is currently owned by institutional investors.

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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