Shares of Independent Bank Corp. (NASDAQ:IBCP) have received a consensus broker rating score of 3.00 (Hold) from the three brokers that provide coverage for the company, Zacks Investment Research reports. Three equities research analysts have rated the stock with a hold recommendation.
Brokers have set a twelve-month consensus price objective of $17.00 for the company and are forecasting that the company will post $0.26 EPS for the current quarter, according to Zacks. Zacks has also assigned Independent Bank Corp. an industry rank of 90 out of 265 based on the ratings given to related companies.
A number of analysts have recently commented on IBCP shares. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Monday, August 1st. Hovde Group began coverage on Independent Bank Corp. in a report on Friday, September 23rd. They issued a “market perform” rating and a $17.50 price target for the company.
Shares of Independent Bank Corp. (NASDAQ:IBCP) opened at 16.83 on Wednesday. The stock’s 50 day moving average price is $16.32 and its 200-day moving average price is $15.22. Independent Bank Corp. has a 52-week low of $13.42 and a 52-week high of $17.00. The firm has a market cap of $357.18 million, a PE ratio of 17.83 and a beta of 0.20.
Independent Bank Corp. (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates 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 anticipate that Independent Bank Corp. will post $1.01 earnings per share for the current fiscal year.
In other Independent Bank Corp. news, insider Mark L. Collins sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $16.37, for a total value of $32,740.00. Following the completion of the transaction, the insider now directly owns 57,563 shares of the company’s stock, valued at approximately $942,306.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael M. Magee, Jr. acquired 6,082 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was purchased at an average cost of $16.37 per share, with a total value of $99,562.34. Following the completion of the transaction, the director now owns 37,682 shares in the company, valued at $616,854.34. The disclosure for this purchase can be found here. 5.38% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Foundry Partners LLC boosted its position in Independent Bank Corp. by 0.3% in the second quarter. Foundry Partners LLC now owns 219,407 shares of the financial services provider’s stock worth $3,184,000 after buying an additional 625 shares during the last quarter. LSV Asset Management boosted its position in Independent Bank Corp. by 394.6% in the second quarter. LSV Asset Management now owns 174,600 shares of the financial services provider’s stock worth $2,533,000 after buying an additional 139,300 shares during the last quarter. Clover Partners L.P. boosted its position in Independent Bank Corp. by 7.3% in the first quarter. Clover Partners L.P. now owns 858,260 shares of the financial services provider’s stock worth $12,488,000 after buying an additional 58,461 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in Independent Bank Corp. by 7.4% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,830 shares of the financial services provider’s stock worth $752,000 after buying an additional 3,550 shares during the last quarter. Finally, State Street Corp boosted its position in Independent Bank Corp. by 8.9% in the first quarter. State Street Corp now owns 332,681 shares of the financial services provider’s stock worth $4,838,000 after buying an additional 27,078 shares during the last quarter. 78.65% of the stock is owned by institutional investors.
About Independent Bank Corp.
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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