Boenning & Scattergood Keeps a Hold Rating on Independent Bank Corporation

By Carrie Williams

Boenning & Scattergood analyst Scott Beury maintained a Hold rating on Independent Bank Corporation (NASDAQ: IBCP) today. The company’s shares closed yesterday at $22.55.

According to TipRanks.com, Beury is a 3-star analyst with an average return of 11.1% and a 69.2% success rate. Beury covers the Financial sector, focusing on stocks such as Farmers & Merchants Bancorp, Inc., Old National Bancorp Capital, and United Community Financial.

Currently, the analyst consensus on Independent Bank Corporation is Hold and the average price target is $25, representing a 10.9% upside.

In a report issued on December 21, KBW also reiterated a Hold rating on the stock with a $25 price target.

Based on Independent Bank Corporation’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $35.96 million and quarterly net profit of $6.86 million. In comparison, last year the company earned revenue of $33.07 million and had a net profit of $6.37 million.

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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.