Independent Bank Corp. (NASDAQ:IBCP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
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 started coverage on shares of Independent Bank Corp. in a research report on Friday, September 23rd. They issued a “market perform” rating and a $17.50 price objective on the stock.
Shares of Independent Bank Corp. (NASDAQ:IBCP) traded down 0.24% during mid-day trading on Monday, hitting $16.79. 44,214 shares of the stock traded hands. The stock has a market cap of $356.33 million, a price-to-earnings ratio of 17.79 and a beta of 0.12. Independent Bank Corp. has a 12 month low of $13.42 and a 12 month high of $17.00. The firm has a 50 day moving average of $16.33 and a 200 day moving average of $15.24.
Independent Bank Corp. (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. Independent Bank Corp. had a net margin of 17.43% and a return on equity of 8.54%. On average, equities analysts expect that Independent Bank Corp. will post $1.01 EPS for the current fiscal year.
In other Independent Bank Corp. news, insider Mark L. Collins sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $16.37, for a total transaction of $32,740.00. Following the sale, the insider now owns 57,563 shares of the company’s stock, valued at approximately $942,306.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael M. Magee, Jr. bought 6,082 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were bought at an average cost of $16.37 per share, for a total transaction of $99,562.34. Following the transaction, the director now owns 37,682 shares in the company, valued at approximately $616,854.34. The disclosure for this purchase can be found here. Company insiders own 5.38% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. LSV Asset Management increased its stake 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 valued at $2,533,000 after buying an additional 139,300 shares in the last quarter. Boston Partners increased its stake in Independent Bank Corp. by 2.5% in the second quarter. Boston Partners now owns 234,940 shares of the financial services provider’s stock valued at $3,409,000 after buying an additional 5,790 shares in the last quarter. California Public Employees Retirement System increased its stake in Independent Bank Corp. by 10.8% in the second quarter. California Public Employees Retirement System now owns 101,145 shares of the financial services provider’s stock valued at $1,468,000 after buying an additional 9,900 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Independent Bank Corp. during the second quarter valued at $6,705,000. Finally, Societe Generale bought a new stake in Independent Bank Corp. during the second quarter valued at $131,000. 78.65% of the stock is currently owned by institutional investors.
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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