Independent Bank Co.(MI) (IBCP) Given Daily News Impact Rating of 0.19

News coverage about Independent Bank Co.(MI) (NASDAQ:IBCP) has trended somewhat positive recently, Accern Sentiment Analysis reports. Accern identifies positive and negative press coverage by analyzing more than 20 million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Independent Bank Co.(MI) earned a coverage optimism score of 0.19 on Accern’s scale. Accern also gave media coverage about the financial services provider an impact score of 45.7034443086219 out of 100, indicating that recent press coverage is somewhat unlikely to have an effect on the company’s share price in the near future.

Shares of NASDAQ:IBCP traded down $0.10 during trading on Tuesday, hitting $23.80. The company’s stock had a trading volume of 27,145 shares, compared to its average volume of 89,382. The company has a market cap of $503.34, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 1.81 and a beta of 0.05. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. Independent Bank Co has a fifty-two week low of $18.50 and a fifty-two week high of $24.50.

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Independent Bank Co.(MI) (NASDAQ:IBCP) last posted its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The business had revenue of $34.76 million during the quarter, compared to the consensus estimate of $34.23 million. Independent Bank Co.(MI) had a net margin of 14.54% and a return on equity of 10.07%. analysts expect that Independent Bank Co will post 1.63 EPS for the current year.

Independent Bank Co.(MI) declared that its board has approved a stock buyback program on Tuesday, January 30th that allows the company to repurchase 500% of shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Several research firms have commented on IBCP. BidaskClub upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Boenning Scattergood restated a “hold” rating on shares of Independent Bank Co.(MI) in a research note on Wednesday, January 31st. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Wednesday, January 3rd. Finally, Compass Point upgraded shares of Independent Bank Co.(MI) from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.00.

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Independent Bank Co.(MI) 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 focuses on commercial banking industry. 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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