Independent Bank’s (IBCP) Neutral Rating Reaffirmed at DA Davidson

DA Davidson restated their neutral rating on shares of Independent Bank (NASDAQ:IBCP) in a research note published on Tuesday, Benzinga reports. DA Davidson currently has a $28.00 price objective on the financial services provider’s stock. DA Davidson also issued estimates for Independent Bank’s Q2 2024 earnings at $0.72 EPS, FY2024 earnings at $2.96 EPS and FY2025 earnings at $3.06 EPS.

Separately, Hovde Group began coverage on Independent Bank in a research note on Monday, March 4th. They set a market perform rating on the stock.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $25.20 on Tuesday. The firm has a fifty day moving average price of $24.33 and a two-hundred day moving average price of $23.70. Independent Bank has a fifty-two week low of $14.90 and a fifty-two week high of $27.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market cap of $526.93 million, a PE ratio of 8.57 and a beta of 0.97.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, May 3rd will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.81%. Independent Bank’s dividend payout ratio (DPR) is currently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, SVP James J. Twarozynski sold 1,500 shares of Independent Bank stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the transaction, the senior vice president now owns 8,366 shares in the company, valued at $209,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Hillsdale Investment Management Inc. acquired a new stake in Independent Bank in the 4th quarter valued at about $3,675,000. FMR LLC raised its position in Independent Bank by 12.8% in the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after purchasing an additional 87,852 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Independent Bank by 31.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock worth $3,495,000 after buying an additional 45,617 shares in the last quarter. Principal Financial Group Inc. boosted its position in Independent Bank by 12.5% in the 1st quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock valued at $6,848,000 after buying an additional 29,977 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Independent Bank in the 4th quarter valued at $634,000. 79.43% of the stock is owned by institutional investors.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.