Independent Bank Co.(MI) (IBCP) Cut to Sell at BidaskClub

BidaskClub lowered shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other equities research analysts have also recently issued reports on IBCP. Boenning Scattergood reissued a hold rating on shares of Independent Bank Co.(MI) in a report on Monday, July 30th. Zacks Investment Research cut shares of Independent Bank Co.(MI) from a buy rating to a hold rating in a report on Wednesday, July 18th. ValuEngine raised shares of Independent Bank Co.(MI) from a hold rating to a buy rating in a report on Tuesday, June 26th. Finally, Hovde Group set a $27.00 price target on shares of Independent Bank Co.(MI) and gave the stock a hold rating in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $26.33.

Shares of IBCP stock opened at $24.30 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.24. Independent Bank Co has a 1 year low of $20.35 and a 1 year high of $27.10. The firm has a market cap of $590.49 million, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 1.74 and a beta of 0.06.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, July 26th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. Independent Bank Co.(MI) had a net margin of 16.92% and a return on equity of 11.84%. The business had revenue of $41.30 million for the quarter, compared to analysts’ expectations of $38.70 million. sell-side analysts expect that Independent Bank Co will post 1.76 EPS for the current fiscal year.

In other news, Director Michael M. Magee, Jr. sold 15,000 shares of the company’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $24.80, for a total value of $372,000.00. Following the transaction, the director now owns 34,814 shares of the company’s stock, valued at $863,387.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.22% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in IBCP. SG Americas Securities LLC bought a new position in shares of Independent Bank Co.(MI) in the first quarter worth $113,000. Huntington National Bank purchased a new position in Independent Bank Co.(MI) in the second quarter worth $137,000. Mackay Shields LLC purchased a new position in Independent Bank Co.(MI) in the second quarter worth $242,000. Baird Financial Group Inc. purchased a new position in Independent Bank Co.(MI) in the second quarter worth $243,000. Finally, A.R.T. Advisors LLC purchased a new position in Independent Bank Co.(MI) in the first quarter worth $246,000. 77.25% of the stock is currently owned by hedge funds and other institutional investors.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the bank 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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