Live Price Coverage: It Seems Independent Bank Corporation(MI) Will Go Up. Just Reaches 52-Week High

Live Price Coverage: It Seems Independent Bank Corporation(MI) Will Go Up. Just Reaches 52 Week High

The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) hit a new 52-week high and has $19.52 target or 4.00% above today’s $18.77 share price. The 5 months bullish chart indicates low risk for the $399.95M company. The 1-year high was reported on Nov, 28 by If the $19.52 price target is reached, the company will be worth $16.00M 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 23,464 shares traded hands. Independent Bank Corporation(MI) (NASDAQ:IBCP) has risen 28.43% since April 25, 2016 and is uptrending. It has outperformed by 22.42% the S&P500.

Analysts await Independent Bank Corporation(MI) (NASDAQ:IBCP) to report earnings on January, 23. They expect $0.27 earnings per share, up 8.00% or $0.02 from last year’s $0.25 per share. IBCP’s profit will be $5.75 million for 17.38 P/E if the $0.27 EPS becomes a reality. After $0.30 actual earnings per share reported by Independent Bank Corporation(MI) for the previous quarter, Wall Street now forecasts -10.00% 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 -16.09% below today’s ($18.77) stock price. Independent Bank Corporation has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Tuesday, August 11 by Fig Partners. The firm has “Market Perform” rating given on Tuesday, August 11 by FIG Partners. The rating was initiated by Boenning & Scattergood on Wednesday, May 4 with “Neutral”. The firm earned “Market Perform” rating on Friday, September 23 by Hovde Group. The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) has “Hold” rating given on Thursday, August 20 by TheStreet.

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 increased to 1.69 in 2016 Q2. Its up 0.34, from 1.35 in 2016Q1. The ratio is positive, 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.
Panagora Asset Management reported 246,044 shares or 0.02% of all its holdings. Moreover, Northern Trust Corporation has 0% invested in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 212,957 shares. Moreover, Blackrock Ltd Liability Co has 0% invested in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 10,858 shares. Menta holds 0.07% or 33,519 shares in its portfolio. Federated Invsts Incorporated Pa last reported 3,209 shares in the company. Maltese Cap Mngmt Limited Liability Company holds 1.67% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 922,600 shares. Credit Suisse Ag has invested 0% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP). Wedge Cap Management L Limited Partnership Nc holds 0.01% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 90,200 shares. Lsv Asset Mgmt has 0.01% invested in the company for 174,600 shares. Pinnacle Ltd Liability Corp owns 52,057 shares or 0% of their US portfolio. Gru has invested 0% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP). Ejf Capital Ltd reported 1.45 million shares or 1.98% of all its holdings. Aqr Cap Management Ltd Llc last reported 0% of its portfolio in the stock. State Street reported 328,515 shares or 0% of all its holdings. Springbok Capital Mngmt Llc accumulated 0.01% or 3,900 shares.

Insider Transactions: Since May 31, 2016, the stock had 1 insider purchase, and 2 sales for $53,935 net activity. $12,893 worth of Independent Bank Corporation(MI) (NASDAQ:IBCP) shares were sold by HASKE TERRY L. MAGEE MICHAEL M JR had bought 6,082 shares worth $99,568 on Wednesday, August 31. The insider Kimball Stefanie M sold 3,000 shares worth $44,550. $32,740 worth of Independent Bank Corporation(MI) (NASDAQ:IBCP) was sold by Collins Mark L on Monday, August 29.

Another recent and important Independent Bank Corporation(MI) (NASDAQ:IBCP) news was published by which published an article titled: “Independent Bank Corporation Announces Appointment of Patrick Ervin as Senior …” on September 12, 2016.

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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