Independent Bank Corporation (IBCP) Receives Hold Rating from Boenning Scattergood
“We view Independent as a balanced, well-run institution with a strong presence throughout the state of Michigan. Following the Great Recession, the company completed a large-scale strategic alignment which included recapitalization, exiting riskier lending lines, and right-sizing the branch footprint. More recently, management’s attention has shifted toward long-run investments in the franchise to accelerate growth. In 2017, the company has benefited from these investments with loans growing more than 20% YTD. Overall, we believe Independent has successfully moved back to a level of performance that more closely resembles its peers (~1.00% ROA), and we expect further improvement heading into 2018, particularly if/when the Fed raises rates further.”,” the firm’s analyst wrote.
IBCP has been the topic of a number of other research reports. Keefe, Bruyette & Woods reissued a hold rating and set a $22.00 price target on shares of Independent Bank Corporation in a research report on Wednesday, October 4th. DA Davidson began coverage on Independent Bank Corporation in a research report on Wednesday, July 5th. They set a neutral rating and a $23.00 price target on the stock. BidaskClub downgraded Independent Bank Corporation from a hold rating to a sell rating in a research report on Wednesday, July 19th. Finally, Zacks Investment Research raised Independent Bank Corporation from a hold rating to a buy rating and set a $23.00 price target on the stock in a research report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Independent Bank Corporation currently has a consensus rating of Hold and a consensus price target of $22.67.
Shares of Independent Bank Corporation (IBCP) opened at 22.45 on Friday. Independent Bank Corporation has a 52 week low of $16.45 and a 52 week high of $23.65. The company has a market cap of $478.99 million, a P/E ratio of 20.03 and a beta of 0.55. The company’s 50-day moving average price is $21.83 and its 200 day moving average price is $21.28.
Independent Bank Corporation (NASDAQ:IBCP) last released its earnings results on Thursday, October 26th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The company had revenue of $33.22 million during the quarter, compared to analyst estimates of $33.36 million. Independent Bank Corporation had a net margin of 17.75% and a return on equity of 9.63%. On average, equities analysts forecast that Independent Bank Corporation will post $1.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Friday, November 3rd. This is an increase from Independent Bank Corporation’s previous quarterly dividend of $0.10. Independent Bank Corporation’s payout ratio is 35.09%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN increased its position in Independent Bank Corporation by 13.3% during the second quarter. Wells Fargo & Company MN now owns 118,762 shares of the financial services provider’s stock worth $2,583,000 after buying an additional 13,951 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in Independent Bank Corporation during the first quarter worth approximately $474,000. Bank of New York Mellon Corp increased its position in Independent Bank Corporation by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 138,059 shares of the financial services provider’s stock worth $2,858,000 after buying an additional 4,037 shares during the last quarter. Prudential Financial Inc. increased its position in Independent Bank Corporation by 20.4% during the first quarter. Prudential Financial Inc. now owns 35,470 shares of the financial services provider’s stock worth $735,000 after buying an additional 6,000 shares during the last quarter. Finally, Martingale Asset Management L P increased its position in Independent Bank Corporation by 29.3% during the second quarter. Martingale Asset Management L P now owns 129,240 shares of the financial services provider’s stock worth $2,811,000 after buying an additional 29,307 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.
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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