Independent Bank Co.(MI) (NASDAQ:IBCP) Rating Lowered to Sell at ValuEngine

Independent Bank Co.(MI) (NASDAQ:IBCP) was downgraded by investment analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Wednesday, ValuEngine reports.

Several other research firms have also recently issued reports on IBCP. DA Davidson reaffirmed a “buy” rating on shares of Independent Bank Co.(MI) in a report on Monday, November 18th. Zacks Investment Research lowered Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Thursday, October 10th. Finally, BidaskClub cut Independent Bank Co.(MI) from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Independent Bank Co.(MI) currently has an average rating of “Hold”.

Shares of IBCP opened at $21.99 on Wednesday. The firm’s 50 day moving average is $22.36 and its 200-day moving average is $21.38. The stock has a market capitalization of $502.46 million, a P/E ratio of 13.09 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.95 and a quick ratio of 0.91. Independent Bank Co has a 12-month low of $18.94 and a 12-month high of $23.93.

Independent Bank Co.(MI) (NASDAQ:IBCP) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. The business had revenue of $43.15 million during the quarter, compared to analyst estimates of $42.73 million. Independent Bank Co.(MI) had a net margin of 22.42% and a return on equity of 12.55%. As a group, equities research analysts forecast that Independent Bank Co will post 1.95 EPS for the current fiscal year.

In related news, EVP Robert N. Shuster sold 8,264 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $22.39, for a total value of $185,030.96. Following the completion of the transaction, the executive vice president now owns 58,088 shares of the company’s stock, valued at approximately $1,300,590.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.22% of the company’s stock.

Large investors have recently made changes to their positions in the business. Quantamental Technologies LLC lifted its stake in Independent Bank Co.(MI) by 136.7% in the 2nd quarter. Quantamental Technologies LLC now owns 1,851 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 1,069 shares in the last quarter. Aperio Group LLC acquired a new position in shares of Independent Bank Co.(MI) in the 2nd quarter valued at about $135,000. Meeder Asset Management Inc. lifted its position in shares of Independent Bank Co.(MI) by 55.8% in the second quarter. Meeder Asset Management Inc. now owns 7,099 shares of the financial services provider’s stock worth $155,000 after purchasing an additional 2,542 shares in the last quarter. Gyroscope Capital Management Group LLC purchased a new stake in shares of Independent Bank Co.(MI) in the third quarter worth approximately $169,000. Finally, Algert Global LLC acquired a new stake in shares of Independent Bank Co.(MI) during the second quarter worth approximately $242,000. 80.93% of the stock is currently owned by institutional investors.

About Independent Bank Co.(MI)

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.

See Also: Equal Weight Rating

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