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Independent Bank (NASDAQ:IBCP) stock price target upped to $17.50, reported today by Hovde Group

Yesterday Independent Bank (NASDAQ:IBCP) traded 1.16% higher at $16.63. The company’s 50-day moving average is $16.22 and its 200-day moving average is $15.14. The last closing price is up 9.87% from the 200-day moving average, compared to the S&P 500 which has decreased -0.01% over the same time. 68,828 shares of the stock were exchanged, up from an average trading volume of 67,756

Independent Bank (NASDAQ:IBCP) had its price target upped to $17.50 by Hovde Group in a report announced 09/23/2016. The bumped up price target implies a potential upside of 0.05% based on the company's previous closing price.

See Chart Below

Independent Bank (NASDAQ:IBCP)

Independent Bank has a one year low of $13.42 and a one year high of $16.63 with a price-earnings ratio of 17.62 IBCP’s total market value is presently $0.

A total of 3 analysts have released a research note on IBCP. zero analysts rating the company a strong buy, one firm rating the stock a buy, 2 firms rating the stock a hold, 0 firms rating the stock a underperform, and finally 0 firms rating the stock a sell with a consensus target price of $15.67.

About Independent Bank (NASDAQ:IBCP)

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 providing 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 Company's principal markets are the rural and suburban communities across Lower Michigan, which are served by the Bank's main office in Grand Rapids, Michigan, and a total of approximately 60 branches, over one drive-in facility and approximately eight loan production offices. The Bank's branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). In addition to general banking services, its Bank also offers title insurance services and investment services.

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