Last Updated: 19 Sep 2024
Executive Summary
Independent Bank Corporation (IBCP) is a regional bank holding company headquartered in Grand Rapids, Michigan. The company provides a range of banking services to individuals and businesses. IBCP has a market capitalization of $716.75 million and trades on the NASDAQ exchange under the symbol "IBCP." The latest stock price is $34.3.
Company Overview
IBCP was founded in 1906 and has grown to become one of the largest banks in Michigan. The company operates 85 branches in Michigan and Illinois. IBCP offers a full range of banking products and services, including checking and savings accounts, loans, mortgages, and wealth management.
Fundamental Analysis
IBCP's financial performance has been solid in recent years. The company has reported consistent growth in revenue and earnings. In the latest quarter, IBCP reported revenue of $212.03 million and diluted EPS of $3.12. The company's profit margin is 0.31% and its return on assets is 0.0126%.
IBCP's valuation metrics are attractive. The company's trailing PE ratio is 10.99 and its forward PE ratio is 11.71. The company's price-to-sales ratio is 3.381 and its price-to-book ratio is 1.665.
Technical Analysis
IBCP's stock price has been trending higher in recent months. The stock is currently trading above its 50-day and 200-day moving averages. The stock's relative strength index (RSI) is 60.23, which indicates that the stock is overbought.
Short Term Outlook
IBCP's stock price is likely to continue to trend higher in the short term. The company's financial performance is solid and its valuation metrics are attractive. The stock's technical indicators are also positive.
Long Term Outlook
IBCP's long-term outlook is positive. The company is well-positioned to benefit from the growing economy in Michigan and Illinois. The company's focus on providing high-quality customer service and its commitment to innovation should also drive long-term growth.
Analyst Recommendations
The majority of analysts have a "Hold" rating on IBCP's stock. However, there are a few analysts who have a "Buy" rating on the stock. The average analyst target price for IBCP's stock is $34.3.
