Keefe, Bruyette & Woods restated their hold rating on shares of Independent Bank Corporation (NASDAQ:IBCP) in a research note published on Wednesday, October 4th. They currently have a $22.00 price target on the financial services provider’s stock.

IBCP has been the subject of several other research reports. Boenning Scattergood reaffirmed a hold rating on shares of Independent Bank Corporation in a report on Thursday, July 27th. Zacks Investment Research raised Independent Bank Corporation from a hold rating to a buy rating and set a $23.00 price target for the company in a report on Wednesday, September 27th. BidaskClub cut Independent Bank Corporation from a sell rating to a strong sell rating in a report on Monday, July 31st. Finally, DA Davidson assumed coverage on Independent Bank Corporation in a report on Wednesday, July 5th. They issued a neutral rating and a $23.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $22.67.

Independent Bank Corporation (NASDAQ:IBCP) remained flat at $22.55 during midday trading on Wednesday. The company had a trading volume of 44,299 shares. The stock has a market capitalization of $481.13 million, a price-to-earnings ratio of 20.12 and a beta of 0.55. Independent Bank Corporation has a 12-month low of $16.45 and a 12-month high of $23.65. The company’s 50 day moving average price is $21.14 and its 200 day moving average price is $21.11.

Independent Bank Corporation (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.27 earnings per share for the quarter, missing the 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 business had revenue of $31.94 million for the quarter, compared to analyst estimates of $32.55 million. On average, equities research analysts anticipate that Independent Bank Corporation will post $1.21 EPS for the current year.

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A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Independent Bank Corporation by 7.2% in the 2nd quarter. Vanguard Group Inc. now owns 894,958 shares of the financial services provider’s stock valued at $19,465,000 after acquiring an additional 59,814 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Independent Bank Corporation by 3.2% in the 1st quarter. Renaissance Technologies LLC now owns 767,300 shares of the financial services provider’s stock worth $15,883,000 after buying an additional 23,700 shares in the last quarter. FMR LLC raised its holdings in shares of Independent Bank Corporation by 2.9% in the 2nd quarter. FMR LLC now owns 678,610 shares of the financial services provider’s stock worth $14,760,000 after buying an additional 19,426 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Independent Bank Corporation by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 562,914 shares of the financial services provider’s stock worth $12,243,000 after buying an additional 10,392 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Independent Bank Corporation by 37.1% in the 2nd quarter. State Street Corp now owns 557,412 shares of the financial services provider’s stock worth $12,125,000 after buying an additional 150,958 shares in the last quarter. 80.85% of the stock is 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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