Independent Bank Corp(MI) (NASDAQ:IBCP)
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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Stock is way undervalued at this point, both from a fundamental as well as a technical perspective. The stock has resistance at $4.50 which with any positive news I think it will blow through. It's really being chained to the post by the Fed.
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Great little Michigan bank, solid reputation and business practices in my experiences.
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I am going to go against the current here.
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These guys are nothing too special, and the entire sector is taking a bath. I don't expect them to pull a rabbit out of their hats.
Recs
1. Low P/E
2. Insiders buying.
3. Several value investors buying
4. High dividend yield.
5. High insider ownership - 11%
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