In a report released today, Scott Beury from Boenning & Scattergood maintained a Hold rating on Independent Bank Corporation (IBCP). The company’s shares closed yesterday at $22.18.
Beury commented:
“We believe Independent is well positioned to continue generating double-digit organic growth alongside disciplined expense control and stable credit performance. The company has entered a new chapter, having closed its first acquisition since the Great Recession, and is demonstrating the ability to consistently generate higher-quality earnings growth. Near-term, we continue to believe the company’s focus will be heavily geared toward a successful integration in order to preserve the positive initiatives management has employed over the last three years (branch optimization, expanded mortgage team, credit improvement, etc.), and that growth will remain strong, albeit slower than the rapid pace experienced in 2017 and 2018.”
According to TipRanks.com, Beury is a 2-star analyst with an average return of -0.3% and a 43.2% success rate. Beury covers the Financial sector, focusing on stocks such as Farmers National Banc Corp Oh, Old National Bancorp Capital, and United Community Financial.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Independent Bank Corporation.
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Independent Bank Corporation’s market cap is currently $523M and has a P/E ratio of 13.23. The company has a Price to Book ratio of 1.54.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IBCP in relation to earlier this year.
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Independent Bank Corp. operates as a bank holding company. It provides financial services including commercial banking, mortgage lending, investments, and title services. The company was founded in 1864 and is headquartered in Ionia, MI.
