Independent Bank (NASDAQ:IBCP) Hits New 52-Week High – What’s Next?

Independent Bank Corporation (NASDAQ:IBCP) shares reached a new 52-week high on Wednesday . The company traded as high as $37.19 and last traded at $37.0150, with a volume of 7551 shares traded. The stock had previously closed at $36.32.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IBCP. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. Piper Sandler increased their price target on Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.00.

Independent Bank Trading Up 0.1%

The stock has a market cap of $757.25 million, a P/E ratio of 11.16 and a beta of 0.80. The stock’s 50-day moving average is $34.10 and its two-hundred day moving average is $32.44. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. The company had revenue of $46.80 million for the quarter, compared to the consensus estimate of $50.52 million. Equities research analysts anticipate that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Tuesday, February 3rd will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, February 3rd. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio is currently 34.15%.

Institutional Trading of Independent Bank

A number of large investors have recently added to or reduced their stakes in IBCP. Magnetar Financial LLC bought a new position in shares of Independent Bank during the 2nd quarter valued at approximately $639,000. Assenagon Asset Management S.A. purchased a new position in Independent Bank during the third quarter worth $6,394,000. CSM Advisors LLC purchased a new position in Independent Bank during the second quarter worth $6,611,000. Y Intercept Hong Kong Ltd bought a new position in Independent Bank during the second quarter valued at $298,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Independent Bank in the second quarter valued at $346,000. Institutional investors own 79.43% of the company’s stock.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.