Independent Bank Corporation (NASDAQ:IBCP) has earned a consensus broker rating score of 3.00 (Hold) from the three brokers that provide coverage for the company, Zacks Investment Research reports. Three research analysts have rated the stock with a hold recommendation.
Analysts have set a 12 month consensus price target of $19.25 for the company and are predicting that the company will post $0.26 EPS for the current quarter, according to Zacks. Zacks has also given Independent Bank Corporation an industry rank of 8 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research cut shares of Independent Bank Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 3rd.
Several hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in shares of Independent Bank Corporation by 0.3% in the third quarter. Victory Capital Management Inc. now owns 59,810 shares of the financial services provider’s stock valued at $1,007,000 after buying an additional 200 shares in the last quarter. Rhumbline Advisers raised its stake in Independent Bank Corporation by 0.8% in the third quarter. Rhumbline Advisers now owns 26,302 shares of the financial services provider’s stock worth $443,000 after buying an additional 210 shares during the period. Parametric Portfolio Associates LLC raised its stake in Independent Bank Corporation by 2.0% in the second quarter. Parametric Portfolio Associates LLC now owns 13,023 shares of the financial services provider’s stock worth $189,000 after buying an additional 257 shares during the period. California State Teachers Retirement System raised its stake in Independent Bank Corporation by 0.9% in the third quarter. California State Teachers Retirement System now owns 43,090 shares of the financial services provider’s stock worth $725,000 after buying an additional 400 shares during the period. Finally, BlackRock Inc. raised its stake in Independent Bank Corporation by 6.2% in the third quarter. BlackRock Inc. now owns 7,686 shares of the financial services provider’s stock worth $129,000 after buying an additional 446 shares during the period. Hedge funds and other institutional investors own 77.51% of the company’s stock.
Shares of Independent Bank Corporation (NASDAQ:IBCP) opened at 21.10 on Friday. The company has a market capitalization of $448.54 million, a PE ratio of 20.10 and a beta of 0.43. Independent Bank Corporation has a 1-year low of $13.42 and a 1-year high of $22.25. The company has a 50 day moving average price of $21.23 and a 200 day moving average price of $17.76.
Independent Bank Corporation (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, January 26th. The financial services provider reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. Independent Bank Corporation had a net margin of 17.67% and a return on equity of 9.26%. Equities analysts predict that Independent Bank Corporation will post $1.16 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Wednesday, February 8th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Monday, February 6th. Independent Bank Corporation’s dividend payout ratio is 37.74%.
Independent Bank Corporation Company Profile
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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