Economy

Independent Bank Corporation(MI) (IBCP) EPS Estimated At $0.32

Boenning & Scattergood initiated the stock with "Neutral" rating in Wednesday, May 4 report. The firm now has a $73.00 target price on the bank's stock.

Investors are feeling more bearish on shares of the company as implied by the uptick in short interest. Compass Point maintained the stock with "Neutral" rating in Friday, October 16 report.

Among 8 analysts covering Independent Bank (NASDAQ:INDB), 1 have Buy rating, 1 Sell and 6 Hold. Zacks Investment Research raised Independent Bank Corp. from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research note on Wednesday, September 20th. Metropolitan Life Insurance Ny has 0.01% invested in Independent Bank Corp (NASDAQ:INDB) for 18,214 shares. (INDB) remained flat at $74.85 during mid-day trading on Tuesday. BNP Paribas Arbitrage SA now owns 5,596 shares of the bank's stock valued at $364,000 after buying an additional 628 shares during the last quarter. Independent Bank Corp. has a 1-year low of $47.50 and a 1-year high of $76.30. Independent Bank Corp. The firm's 50-day moving average price is $70.70 and its 200-day moving average price is $66.61. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 25.45 and a beta of 1.01.

The 14-day ADX for Independent Bk Corp (INDB) is now sitting at 23.58.

Independent Bank Corp.is a bank holding company. Fifth Third Comml Bank has invested 0% in Independent Bank Corporation (MI) (NASDAQ:IBCP).

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Putting shares of Independent Bk Corp (INDB) at the forefront, let's drill down into some key metrics.

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The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. The dividend payment was $0.320 per share for the quarter or $1.28 on an annualized basis. The firm has "Market Perform" rating given on Friday, September 23 by Hovde Group. This dividend represents a yield of $1.68 which is the dividend as a percentage of the current share price. They expect $0.66 EPS, down 43.59% or $0.51 from last year's $1.17 per share.

In other Independent Bank Corp. news, insider Mark J. Ruggiero sold 400 shares of the firm's stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $72.02, for a total value of $126,035.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christopher Oddleifson sold 1,750 shares of the firm's stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $71.75, for a total transaction of $372,597.75.

Rnc Capital Management Llc decreased Dfa Us Targeted Value Port (DFFVX) stake by 14,273 shares to 252,645 valued at $6.01 million in 2017Q2. The stock of Amphenol Corporation (NYSE:APH) has "Top Pick" rating given on Thursday, March 2 by RBC Capital Markets. US Bancorp DE increased its stake in Independent Bank Corp.by 4.7% in the first quarter. Comerica Bank now owns 29,927 shares of the bank's stock valued at $1,950,000 after buying an additional 1,241 shares during the last quarter. Goldman Sachs Grp Inc reported 0% stake. Arizona State Retirement System now owns 14,171 shares of the bank's stock valued at $944,000 after purchasing an additional 100 shares during the last quarter. Hennessy Advisors Inc who had been investing in Independent Bank Corp Mass for a number of months, seems to be bullish on the $2.05B market cap company. New England Research & Management, Inc. now owns 28,790 shares with a value of $1,919,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company.

Independent Bank Corp.is a bank holding company. Plante Moran Finance Ltd Limited Liability Company invested 0% of its portfolio in Independent Bank Corporation (MI) (NASDAQ:IBCP).



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