Independent Bank Corporation (IBCP): Why analyst showing interest

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Independent Bank Corporation (NASDAQ:IBCP) changes shares on Monday trading session, with a change of -1.11% or -$0.16 shares. The trading starts at $13.94 and closed at $13.97 throughout the day. The trading session low price was $13.66 and day high was $13.999 on Monday, August 03. After the session, the Financial sector daily volume shifted to 72713.0 while its average volume is 126.31K. In other hand, the IBCP market cap reached to $307.00M. While, its current target price is $16.10.

On May 4, 2020, U.S. RESEARCH ROUNDUP-Berkshire Hathaway, DHT Holdings, Novo Nordisk. According to the news reported on Reuters, Wall Street securities analysts revised their ratings and price targets on several U.S.-listed companies, including Berkshire Hathaway, DHT Holdings and Novo Nordisk, on Monday. HIGHLIGHTS * Berkshire Hathaway Inc : KBW raises target price to $325,000 from $310,000 * CyrusOne…

Checking out the performance report which defines the increase or decrease of prices for a specific period. For the last 5 trading sessions, its performance is up 5.66% and up 0.22% for month. Its quarterly performance was -3.16% below, while its half year performance is down -35.83%. IBCP yearly performance stood at negative -33.80% and fall -39.03% for year-to-date. Current recommendation for Independent Bank Corporation is 2.70.

Earnings per share or EPS is an important financial measure, which defines the profitability of a company. IBCP EPS (TTM) for 12-month is 2.04. EPS for this year is 19.50%, while for the next year its value is 1.48. Sales growth for the current quarter is 0.85 while its EPS Q/Q reached -45.60%. It has an EPS of 21.10% up for past five years and for the next five years will be up 8.00%.

Let’s take a look on the analyst recommendations on IBCP for the current month and previous month. For the current month, 2 of 5 analysts recommend stock as Buy while 0 as Sell, 0 as overweight, 0 as underweight and 3 as Hold. As compared with the previous month ratings, 0 analysts participate in stock recommendation. Out of 0, 0 rated it sell, 0 rated it as Buy and 0 as Hold Ratings. On the other hand, target price ranges from $15.00 – $20.00. Average target price for IBCP was reached at $16.60.

The insider ownership moved to 1.20% and institutional holding shifted to 89.00%.

The company posted an EPS (TTM) of 2.04. According to the most recent quarter report on (Sep 2020), 5 analysts estimated an average EPS of 0.46, while 0.55 EPS posted a year ago period. Analyst Estimated EPS for IBCP published in the report was $0.38 – $0.5 during the same period. Comparing with last year, the average estimated EPS was 0.55 which is lower than 0.67 which was posted for recent quarter EPS.

A brief look on simple moving average (SMA) that determines the market price can impact a market. The SMA for IBCP fall -22.38% for period of 200 days. SMA for 50 days was -1.95% which is showing red signal, while SMA-20 was 2.51%. The moving average value for Independent Bank Corporation (IBCP) is 15.67 and 13.84 for 200 and 50 days respectively.

Let’s take a look on the insider transactions, in which multiple shareholders are showing interest in IBCP stock. On Jun 16, Keller Christina, Director, bought 1,000 trading shares at the cost of $15.09, which valued at 15090.0. On Jun 11, Keller Christina, Director, bought 1,100 shares at the cost of $13.89, with total shares of 5,653. On Jun 09, Keller Christina, Director, bought 1,500 shares at the cost of 16.17. After this transaction, Keller Christina total shares reached to 4,553 which valued at 24255.0.