Independent Bank Co.(MI) (NASDAQ:IBCP) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Independent Bank Co.(MI) (NASDAQ:IBCP) from a hold rating to a sell rating in a research note published 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. “

A number of other research firms have also weighed in on IBCP. Boenning Scattergood reiterated a hold rating on shares of Independent Bank Co.(MI) in a research note on Thursday, May 2nd. BidaskClub lowered Independent Bank Co.(MI) from a sell rating to a strong sell rating in a research note on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $25.50.



Shares of IBCP stock opened at $20.01 on Tuesday. The firm has a market capitalization of $471.10 million, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 1.36 and a beta of 0.42. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.92. The business has a fifty day moving average of $21.23 and a 200 day moving average of $21.82. Independent Bank Co has a 1 year low of $19.35 and a 1 year high of $25.65.

Independent Bank Co.(MI) (NASDAQ:IBCP) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.02). The firm had revenue of $40.66 million during the quarter, compared to analysts’ expectations of $42.62 million. Independent Bank Co.(MI) had a return on equity of 12.35% and a net margin of 22.60%. As a group, equities research analysts expect that Independent Bank Co will post 1.85 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Tuesday, August 6th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.60%. Independent Bank Co.(MI)’s payout ratio is currently 42.86%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBCP. Nuveen Asset Management LLC acquired a new position in shares of Independent Bank Co.(MI) in the second quarter worth $6,719,000. Victory Capital Management Inc. grew its stake in shares of Independent Bank Co.(MI) by 24.2% in the second quarter. Victory Capital Management Inc. now owns 105,890 shares of the financial services provider’s stock worth $2,307,000 after acquiring an additional 20,601 shares in the last quarter. Citadel Advisors LLC grew its stake in shares of Independent Bank Co.(MI) by 3.5% in the second quarter. Citadel Advisors LLC now owns 32,323 shares of the financial services provider’s stock worth $704,000 after acquiring an additional 1,084 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Independent Bank Co.(MI) by 27.8% in the second quarter. Cubist Systematic Strategies LLC now owns 12,986 shares of the financial services provider’s stock worth $283,000 after acquiring an additional 2,824 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Independent Bank Co.(MI) by 71.6% during the second quarter. Morgan Stanley now owns 20,232 shares of the financial services provider’s stock worth $441,000 after purchasing an additional 8,442 shares in the last quarter. Institutional investors and hedge funds own 76.61% of the company’s stock.

Independent Bank Co.(MI) Company Profile

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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