Independent Bank Corp. (IBCP) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan’s Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services. “
Separately, Hovde Group began coverage on Independent Bank Corp. in a research report on Friday, September 23rd. They set a market perform rating and a $17.50 price objective on the stock.
Shares of Independent Bank Corp. (NASDAQ:IBCP) opened at 16.79 on Monday. The company has a market capitalization of $356.33 million, a P/E ratio of 17.79 and a beta of 0.12. The firm has a 50 day moving average price of $16.33 and a 200 day moving average price of $15.24. Independent Bank Corp. has a one year low of $13.42 and a one year high of $17.00.
Independent Bank Corp. (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. Independent Bank Corp. had a return on equity of 8.54% and a net margin of 17.43%. On average, equities research analysts predict that Independent Bank Corp. will post $1.01 EPS for the current fiscal year.
In other news, Director Michael M. Magee, Jr. acquired 6,082 shares of Independent Bank Corp. stock in a transaction that occurred on Thursday, September 1st. The shares were acquired at an average price of $16.37 per share, for a total transaction of $99,562.34. Following the transaction, the director now directly owns 37,682 shares of the company’s stock, valued at approximately $616,854.34. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark L. Collins sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $16.37, for a total value of $32,740.00. Following the sale, the insider now owns 57,563 shares in the company, valued at approximately $942,306.31. The disclosure for this sale can be found here. Corporate insiders own 5.38% of the company’s stock.
A number of large investors have recently modified their holdings of IBCP. Wedge Capital Management L L P NC purchased a new stake in shares of Independent Bank Corp. during the second quarter worth $1,309,000. Numeric Investors LLC raised its stake in shares of Independent Bank Corp. by 68.2% in the second quarter. Numeric Investors LLC now owns 60,715 shares of the financial services provider’s stock worth $881,000 after buying an additional 24,608 shares in the last quarter. Panagora Asset Management Inc. raised its stake in shares of Independent Bank Corp. by 8.0% in the second quarter. Panagora Asset Management Inc. now owns 246,044 shares of the financial services provider’s stock worth $3,570,000 after buying an additional 18,249 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Independent Bank Corp. by 2.0% in the second quarter. Parametric Portfolio Associates LLC now owns 13,023 shares of the financial services provider’s stock worth $189,000 after buying an additional 257 shares in the last quarter. Finally, Menta Capital LLC raised its stake in shares of Independent Bank Corp. by 4.8% in the second quarter. Menta Capital LLC now owns 33,519 shares of the financial services provider’s stock worth $486,000 after buying an additional 1,520 shares in the last quarter. Institutional investors and hedge funds own 78.65% of the company’s stock.
Independent Bank Corp. Company Profile
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. 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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