(Nasdaq:IBCP) Independent Bank Corporation(MI) Dips To New 52 Week Low

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Independent Bank Corporation(MI) (Nasdaq:IBCP)

December 6th, 2018
Independent Bank Corporation(MI) went up $0.26 Thursday which equals a 1.23% increase, closing at $21.35. Despite ending the day higher, Independent Bank Corporation(MI) hit a new 52 week low of $20.70, breaking the previous low of $21.07 from earlier this month.

IBCP outperformed the rest of the Financials sector which went down 1.44% today.

Expectations from 5 analysts suggest that Independent Bank Corporation(MI) might grow significantly (21%), while Finbox has calculated (with high uncertainty) a fair value price of $24.08.

Market Sectors

The market sectors were mixed Thursday with a majority of the sectors trending down. Real Estate saw the biggest increase of the day (2.66%), while Energy saw the biggest drop (1.77%). Healthcare has seen the biggest year-to-date gain at 12%. The biggest loss this year has been the Materials sector dropping 12%.

Communication Services saw the biggest turnaround from its 5-day performance of -1.28%, as it went up 1.04%. Utilities saw a turn around from its 5-day performance of 2.33% trading down 0.10%.

Sector Breakdown

  • Real Estate went up with a 2.66% change.
  • Communication Services went up with a 1.04% change.
  • Consumer Discretionary went up with a 0.61% change.
  • Information Technology went up with a 0.23% change.
  • Utilities went down with a -0.10% change.
  • Consumer Staples went down with a -0.10% change.
  • Healthcare went down with a -0.31% change.
  • Industrials went down with a -0.55% change.
  • Materials went down with a -1.36% change.
  • Financials went down with a -1.44% change.
  • Energy went down with a -1.77% change.

Independent Bank is based in Grand Rapids, United States of America. Independent Bank was founded in September 1973.

Independent Bank Corporation(MI) Info

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services. It also provides title insurance, investment, and insurance brokerage services. The company offers its services through approximately 61 branches, 1 drive-thru facility, and 14 loan production offices. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

All amounts in USD unless otherwise indicated

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