Price Action To Observe: Independent Bank Corporation(MI) Stock Is An 52-Week High Flier

Price Action To Observe: Independent Bank Corporation(MI) Stock Is An 52 Week High Flier

The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) hit a new 52-week high and has $43.28 target or 157.00% above today’s $16.84 share price. The 6 months bullish chart indicates low risk for the $358.69M company. The 1-year high was reported on Sep, 30 by Barchart.com. If the $43.28 price target is reached, the company will be worth $563.14 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 33,430 shares traded hands. Independent Bank Corporation(MI) (NASDAQ:IBCP) has risen 12.58% since February 26, 2016 and is uptrending. It has outperformed by 2.16% the S&P500.

Analysts await Independent Bank Corporation(MI) (NASDAQ:IBCP) to report earnings on November, 3. They expect $0.26 EPS, up 18.18% or $0.04 from last year’s $0.22 per share. IBCP’s profit will be $5.54 million for 16.19 P/E if the $0.26 EPS becomes a reality. After $0.30 actual EPS reported by Independent Bank Corporation(MI) for the previous quarter, Wall Street now forecasts -13.33% negative EPS growth.

Independent Bank Corporation(MI) (NASDAQ:IBCP) Ratings Coverage

Out of 5 analysts covering Independent Bank Corporation (NASDAQ:IBCP), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $17.50 is the highest target while $14 is the lowest. The $15.75 average target is -6.47% below today’s ($16.84) stock price. Independent Bank Corporation has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Hovde Group initiated it with “Market Perform” rating and $17.50 target price in Friday, September 23 report. The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) earned “Outperform” rating by Fig Partners on Tuesday, August 11. As per Thursday, August 20, the company rating was upgraded by TheStreet. The firm has “Market Perform” rating given on Tuesday, August 11 by FIG Partners. The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) earned “Neutral” rating by Boenning & Scattergood on Wednesday, May 4.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment decreased to 1.35 in Q2 2016. Its down 0.21, from 1.56 in 2016Q1. The ratio worsened, as 2 funds sold all Independent Bank Corporation(MI) shares owned while 32 reduced positions. 12 funds bought stakes while 34 increased positions. They now own 16.21 million shares or 1.68% less from 16.49 million shares in 2016Q1.
Northern Trust reported 212,957 shares or 0% of all its holdings. Legal General Group Inc Public Limited holds 0% or 4,284 shares in its portfolio. Foundry Prns Ltd Liability Corporation last reported 219,407 shares in the company. Jpmorgan Chase Company holds 0% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 167,425 shares. Pnc Fincl Group owns 1,172 shares or 0% of their US portfolio. Natl Bank Of New York Mellon holds 0% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 116,051 shares. Strs Ohio has 0% invested in the company for 12,400 shares. California Pub Employees Retirement Sys owns 101,145 shares or 0% of their US portfolio. Panagora Asset Mngmt has 246,044 shares for 0.02% of their US portfolio. Brandywine Glob Investment Management Ltd Com has 0% invested in the company for 7,020 shares. Fmr Limited Liability Corporation holds 0% or 952,574 shares in its portfolio. Susquehanna International Gru Llp holds 19,000 shares or 0% of its portfolio. Matarin Cap Management Limited Com holds 0% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 42,422 shares. Thomson Horstmann Bryant reported 573,380 shares or 1.08% of all its holdings. Loomis Sayles & Commerce Lp has 0% invested in the company for 68 shares.

Insider Transactions: Since May 25, 2016, the stock had 1 buying transaction, and 3 insider sales for $7,248 net activity. TWAROZYNSKI JAMES J sold $15,030 worth of stock or 1,000 shares. MAGEE MICHAEL M JR bought 6,082 shares worth $99,568. Shares for $32,740 were sold by Collins Mark L on Monday, August 29. Kimball Stefanie M had sold 3,000 shares worth $44,550.

More recent Independent Bank Corporation(MI) (NASDAQ:IBCP) news were published by: Globenewswire.com which released: “Independent Bank Corporation Announces Date for Its Third Quarter 2016 …” on September 28, 2016. Also Finance.Yahoo.com published the news titled: “Independent Bank Corporation Announces Appointment of Patrick Ervin as Senior …” on September 12, 2016. Globenewswire.com‘s news article titled: “Independent Bank Corporation Announces Date for Its Second Quarter 2016 …” with publication date: June 28, 2016 was also an interesting one.

IBCP Company Profile

Independent Bank Corporation, incorporated on September 17, 1973, is a bank holding company. The Firm 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. The Company’s principal markets are the rural and suburban communities across Lower Michigan, which are served by the Bank’s main office in Grand Rapids, Michigan, and a total of approximately 60 branches, a drive-in facility and approximately eight loan production offices. The Bank’s branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). In addition to general banking services, its Bank also offers title insurance services through a separate subsidiary, and investment and insurance services through a third party agreement with Cetera Investment Services LLC.

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