Independent Bank Corporation(MI) (IBCP) was Initiated by Hovde Group to “Market Perform” and the brokerage firm has set the Price Target at $17.50. Hovde Group advised their investors in a research report released on Sep 23, 2016.
Independent Bank Corporation(MI) opened for trading at $16.4496 and hit $16.63 on the upside on Thursday, eventually ending the session at $16.63, with a gain of 1.16% or 0.19 points. The heightened volatility saw the trading volume jump to 68,828 shares. Company has a market cap of $353 M.
In a different news, on Sep 1, 2016, Michael M Jr Magee (director) purchased 6,082 shares at $16.30 per share price. According to the SEC, 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.