$0.73
0.08 (+13.16%)
Independent Bank Corp(MI) (IBCP)
CAPS Rating:
A bank holding company whose subsidiaries provide commercial banking, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
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Earnings growth is drastically decreasing and revenue growth is steady at best. Margins are shrinking and the profitability will continue to decrease until sales and innovation take place for this bank. It was overvalued a few months ago and the value catch-up still hasn't taken place. Valuation price targets indicate only $21-22, leaving no room for growth this year.
Independent bank will log 46% earnings growth in the next 4 quarters. There is one bad quarter in front of them and that is already priced in. Dividend was cut a few weeks back and didnt effect the stock price - - This could easily be a $16 stock in a year. The risk is only that the regional banks are in a weak segment and anything can happen.