BidaskClub downgraded shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a sell rating to a strong sell rating in a research report released on Thursday, BidAskClub reports.

Several other equities analysts have also recently issued reports on the stock. ValuEngine cut shares of Zions Bancorporation NA from a hold rating to a sell rating in a research report on Wednesday, March 20th. Zacks Investment Research upgraded shares of HB Fuller from a sell rating to a hold rating in a research report on Wednesday, July 3rd. Finally, Boenning Scattergood restated a hold rating on shares of American Water Works in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $26.00.

Shares of NASDAQ IBCP opened at $21.65 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.91 and a current ratio of 0.93. Independent Bank Co has a 52-week low of $20.18 and a 52-week high of $26.00. The company has a 50 day simple moving average of $21.68. The firm has a market cap of $508.19 million, a PE ratio of 12.51, a P/E/G ratio of 1.44 and a beta of 0.41.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.07). Independent Bank Co.(MI) had a net margin of 21.81% and a return on equity of 12.33%. The business had revenue of $40.20 million during the quarter, compared to analyst estimates of $41.70 million. On average, analysts expect that Independent Bank Co will post 1.87 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of IBCP. PNC Financial Services Group Inc. increased its position in shares of Independent Bank Co.(MI) by 1,738.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,636 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,547 shares during the period. Advisor Group Inc. acquired a new stake in shares of Independent Bank Co.(MI) during the fourth quarter worth $51,000. BNP Paribas Arbitrage SA increased its position in shares of Independent Bank Co.(MI) by 56,300.0% during the first quarter. BNP Paribas Arbitrage SA now owns 4,512 shares of the financial services provider’s stock worth $97,000 after buying an additional 4,504 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Independent Bank Co.(MI) during the first quarter worth $105,000. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Independent Bank Co.(MI) by 370.5% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 7,152 shares of the financial services provider’s stock worth $150,000 after buying an additional 5,632 shares during the period. Institutional investors own 80.05% of the company’s stock.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

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