Revenue Update on Independent Bank Corporation(MI)(NASDAQ:IBCP)

Independent Bank Corporation(MI)(NASDAQ:IBCP) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Jul 28, 2016. Company reported revenue of $19.63M. Analysts estimated a revenue of $24.60M. Earnings per share were $0.31. Analysts had estimated an EPS of $0.25.

In a different note, Boenning & Scattergood said it Initiates Coverage on Independent Bank Corporation(MI), according to a research note issued on May 4, 2016. The shares have been rated ‘Neutral’ by the firm. Boenning & Scattergood said it Initiates Coverage on Independent Bank Corporation(MI), according to a research note issued on May 4, 2016. The shares have been rated ‘Neutral’ by the firm.

Independent Bank Corporation(MI) (IBCP) shares turned negative on Thursdays trading session with the shares closing down -0.02 points or -0.13% at a volume of 73,438. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $15.815. The peak price level was also seen at $15.815 while the days lowest was $15.66. Finally the shares closed at $15.74. The 52-week high of the shares is $16.15 while the 52-week low is $13.4. According to the latest information available, the market cap of the company is $335 M.

Several Insider Transactions has been reported to the SEC. On Jun 2, 2016, Stefanie M Kimball (Executive Vice President) sold 3,000 shares at $14.85 per share price.Also, On May 26, 2016, James J Twarozynski (Senior Vice President) sold 1,000 shares at $15.03 per share price.On Mar 16, 2016, William B Kessel (President & CEO) sold 1,500 shares at $14.64 per share price, according to the Form-4 filing with the securities and exchange commission.

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 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 Bank does not offer trust services. The Company’s principal markets are the rural and suburban communities across Lower Michigan. 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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