Shares of Independent Bank Corporation (NASDAQ:IBCP) have been given an average recommendation of “Hold” by the six research firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $21.17.

A number of research firms recently issued reports on IBCP. BidaskClub downgraded shares of Independent Bank Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Boenning Scattergood reissued a “hold” rating on shares of Independent Bank Corporation in a research note on Thursday, July 27th. DA Davidson began coverage on shares of Independent Bank Corporation in a research note on Wednesday, July 5th. They issued a “neutral” rating and a $23.00 price target for the company. Zacks Investment Research raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Friday, June 23rd. Finally, ValuEngine raised shares of Independent Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd.

Shares of Independent Bank Corporation (NASDAQ IBCP) traded down 0.122% during mid-day trading on Friday, hitting $20.525. The stock had a trading volume of 74,706 shares. The stock’s 50-day moving average is $20.55 and its 200 day moving average is $20.98. The firm has a market capitalization of $437.92 million, a price-to-earnings ratio of 18.310 and a beta of 0.52. Independent Bank Corporation has a 1-year low of $15.90 and a 1-year high of $23.65.

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

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Several hedge funds and other institutional investors have recently made changes to their positions in IBCP. State Street Corp increased its stake in shares of Independent Bank Corporation by 37.1% during the second quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock valued at $12,125,000 after purchasing an additional 150,958 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Independent Bank Corporation by 24.8% during the second quarter. JPMorgan Chase & Co. now owns 428,230 shares of the financial services provider’s stock valued at $9,314,000 after purchasing an additional 85,186 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Independent Bank Corporation by 27.9% during the second quarter. Russell Investments Group Ltd. now owns 343,981 shares of the financial services provider’s stock valued at $7,481,000 after purchasing an additional 74,994 shares in the last quarter. Rothschild Asset Management Inc. increased its stake in shares of Independent Bank Corporation by 76.1% during the second quarter. Rothschild Asset Management Inc. now owns 164,684 shares of the financial services provider’s stock valued at $3,582,000 after purchasing an additional 71,188 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware bought a new position in shares of Independent Bank Corporation during the second quarter valued at approximately $1,338,000. 80.85% of the stock is owned by institutional investors and hedge funds.

Independent Bank Corporation 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 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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