Independent Bank (NASDAQ:IBCP) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Independent Bank (NASDAQ:IBCP) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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. “

Shares of NASDAQ:IBCP opened at $25.83 on Tuesday. Independent Bank has a 1 year low of $18.29 and a 1 year high of $25.87. The firm has a market capitalization of $549.58 million, a price-to-earnings ratio of 8.44 and a beta of 1.07. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.76 and a quick ratio of 0.74. The business’s 50 day moving average price is $23.64 and its 200-day moving average price is $22.06.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Monday, October 25th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.11. Independent Bank had a return on equity of 17.13% and a net margin of 30.55%. The firm had revenue of $53.50 million for the quarter, compared to analyst estimates of $47.57 million. During the same quarter last year, the firm posted $0.89 EPS. On average, sell-side analysts expect that Independent Bank will post 2.94 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, November 15th. Shareholders of record on Friday, November 5th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, November 4th. Independent Bank’s dividend payout ratio (DPR) is presently 27.45%.

Several institutional investors and hedge funds have recently modified their holdings of IBCP. Professional Financial Advisors LLC acquired a new stake in shares of Independent Bank in the 3rd quarter worth $30,000. Advisor Group Holdings Inc. increased its position in shares of Independent Bank by 49.3% during the 2nd quarter. Advisor Group Holdings Inc. now owns 4,655 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 1,538 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Independent Bank by 86.1% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 2,852 shares during the last quarter. Metropolitan Life Insurance Co NY increased its position in shares of Independent Bank by 97,642.9% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 6,842 shares of the financial services provider’s stock worth $149,000 after purchasing an additional 6,835 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Independent Bank by 65.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,550 shares of the financial services provider’s stock worth $162,000 after purchasing an additional 3,000 shares during the last quarter. 79.42% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. It offers commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Ionia, MI.

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