Published On: Wed, Sep 7th, 2016

Zacks: Independent Bank Corp. (NASDAQ:IBCP) Given $16.50 Average Price Target by Analysts

Shares of Independent Bank Corp. (NASDAQ:IBCP) have received a consensus broker rating score of 3.00 (Hold) from the two brokers that cover the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold rating.
Brokers have set a twelve-month consensus price objective of $16.50 for the company and are anticipating that the company will post $0.26 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Independent Bank Corp. an industry rank of 54 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research raised Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Monday, August 1st.

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In other Independent Bank Corp. news, insider Mark L. Collins sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $16.37, for a total transaction of $32,740.00. Following the sale, the insider now owns 57,563 shares in the company, valued at $942,306.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael M. Magee, Jr. purchased 6,082 shares of the stock in a transaction on Thursday, September 1st. The shares were purchased at an average price of $16.37 per share, for a total transaction of $99,562.34. Following the transaction, the director now directly owns 37,682 shares of the company’s stock, valued at $616,854.34. The disclosure for this purchase can be found here.
Independent Bank Corp. (NASDAQ:IBCP) traded up 1.04% during midday trading on Wednesday, hitting $16.54. The company’s stock had a trading volume of 7,826 shares. The stock has a 50 day moving average of $15.84 and a 200 day moving average of $15.01. The company has a market cap of $351.03 million and a PE ratio of 17.52. Independent Bank Corp. has a 52-week low of $13.42 and a 52-week high of $16.54.
Independent Bank Corp. (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. On average, equities analysts expect that Independent Bank Corp. will post $1.01 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Monday, August 8th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Thursday, August 4th.
Independent Bank Corporation is a bank holding company. The Company 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.
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