Independent Bank (NASDAQ:IBCP) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Independent Bank (NASDAQ:IBCP) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. The brokerage currently has $28.00 target price on the financial services provider’s stock.

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 IBCP opened at $25.83 on Wednesday. Independent Bank has a fifty-two week low of $18.29 and a fifty-two week high of $25.87. The firm’s 50 day moving average price is $23.64 and its 200 day moving average price is $22.06. The company has a market cap of $549.66 million, a P/E ratio of 8.44 and a beta of 1.07. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 0.27.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Monday, October 25th. The financial services provider reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.11. Independent Bank had a net margin of 30.55% and a return on equity of 17.13%. The company had revenue of $53.50 million for the quarter, compared to the consensus estimate of $47.57 million. During the same period in the prior year, the firm posted $0.89 EPS. Research analysts forecast that Independent Bank will post 2.94 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 15th. Shareholders of record on Friday, November 5th were given 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 was Thursday, November 4th. Independent Bank’s dividend payout ratio is presently 27.45%.

Large investors have recently made changes to their positions in the business. UBS Asset Management Americas Inc. boosted its holdings in shares of Independent Bank by 3.2% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 22,567 shares of the financial services provider’s stock valued at $485,000 after buying an additional 696 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Independent Bank by 2.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 216,738 shares of the financial services provider’s stock valued at $4,656,000 after buying an additional 5,814 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of Independent Bank by 86.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,166 shares of the financial services provider’s stock valued at $132,000 after buying an additional 2,852 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Independent Bank by 23.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 287,548 shares of the financial services provider’s stock valued at $6,177,000 after buying an additional 55,256 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Independent Bank by 1.4% in the 3rd quarter. Two Sigma Investments LP now owns 94,929 shares of the financial services provider’s stock valued at $2,039,000 after buying an additional 1,333 shares in the last quarter. 79.42% of the stock is currently owned by institutional investors.

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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