Shares of Independent Bank Co.(MI) (NASDAQ:IBCP) have received a consensus recommendation of “Hold” from the nine analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $19.50.

A number of brokerages have commented on IBCP. Piper Sandler reissued a “buy” rating on shares of Independent Bank Co.(MI) in a research report on Tuesday, May 26th. Zacks Investment Research raised Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Wednesday, August 5th. BidaskClub raised Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, ValuEngine cut shares of Independent Bank Co.(MI) from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd.

Several large investors have recently modified their holdings of IBCP. BlackRock Inc. grew its stake in shares of Independent Bank Co.(MI) by 5.7% during the 1st quarter. BlackRock Inc. now owns 2,051,285 shares of the financial services provider’s stock worth $26,401,000 after purchasing an additional 110,041 shares during the period. Acadian Asset Management LLC grew its position in Independent Bank Co.(MI) by 65.1% during the first quarter. Acadian Asset Management LLC now owns 592,494 shares of the financial services provider’s stock worth $7,626,000 after buying an additional 233,563 shares during the period. JPMorgan Chase & Co. increased its holdings in Independent Bank Co.(MI) by 12.2% in the first quarter. JPMorgan Chase & Co. now owns 423,110 shares of the financial services provider’s stock valued at $5,445,000 after buying an additional 45,970 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Independent Bank Co.(MI) by 10.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 423,040 shares of the financial services provider’s stock valued at $5,445,000 after acquiring an additional 39,296 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of Independent Bank Co.(MI) by 2.4% during the 1st quarter. Nuveen Asset Management LLC now owns 377,092 shares of the financial services provider’s stock worth $4,853,000 after acquiring an additional 8,719 shares in the last quarter. 82.13% of the stock is currently owned by institutional investors and hedge funds.

Shares of IBCP traded up $0.18 during mid-day trading on Friday, hitting $14.15. 5,390 shares of the company’s stock were exchanged, compared to its average volume of 123,104. The stock’s 50-day moving average is $14.52 and its 200-day moving average is $14.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.83 and a current ratio of 0.85. Independent Bank Co has a fifty-two week low of $9.19 and a fifty-two week high of $23.93. The company has a market cap of $305.68 million, a price-to-earnings ratio of 6.85 and a beta of 0.94.

Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.42. Independent Bank Co.(MI) had a return on equity of 13.30% and a net margin of 22.58%. The business had revenue of $50.83 million for the quarter, compared to analyst estimates of $46.45 million. As a group, equities research analysts anticipate that Independent Bank Co will post 1.91 EPS for the current year.

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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Analyst Recommendations for Independent Bank Co.(MI) (NASDAQ:IBCP)

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