Hovde Group Initiates Coverage on Independent Bank Corporation(MI) to Market Perform

Hovde Group Initiates Coverage on Independent Bank Corporation(MI)(NASDAQ:IBCP). The shares have been rated Market Perform. The rating by Hovde Group was issued on Sep 23, 2016.

Independent Bank Corporation(MI) (IBCP) made into the market gainers list on Tuesdays trading session with the shares advancing 2.57% or 0.415 points. Due to strong positive momentum, the stock ended at $16.54, which is also near the day’s high of $16.63. The stock began the session at $16.36 and the volume stood at 1,53,444 shares. The 52-week high of the shares is $16.63 and the 52 week low is $13.421. The company has a current market capitalization of $351 M and it has 2,12,23,212 shares in outstanding.

Independent Bank Corporation(MI)(IBCP) last announced its earnings results on Jul 28, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $19.63M. Analysts had an estimated revenue of $24.60M. Earnings per share were $0.31. Analysts had estimated an EPS of $0.25.

Several Insider Transactions has been reported to the SEC. On Sep 1, 2016, Michael M Jr Magee (director) purchased 6,082 shares at $16.30 per share price.Also, On Aug 30, 2016, Mark L Collins (Executive Vice President) sold 2,000 shares at $16.37 per share price.On Jun 2, 2016, Stefanie M Kimball (Executive Vice President) sold 3,000 shares at $14.85 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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