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

DA Davidson reiterated their neutral rating on shares of Independent Bank (NASDAQ:IBCP) in a research note published on Friday morning,Benzinga reports. The firm currently has a $36.00 target price on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on IBCP. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Piper Sandler upped their target price on Independent Bank from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.67.

Independent Bank Stock Performance

IBCP opened at $31.98 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. Independent Bank has a 12-month low of $26.75 and a 12-month high of $37.39. The business has a 50 day moving average of $34.86 and a 200-day moving average of $33.09. The stock has a market cap of $658.47 million, a price-to-earnings ratio of 9.75 and a beta of 0.78.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Independent Bank had a return on equity of 14.20% and a net margin of 21.73%.The business had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $50.52 million. On average, equities research analysts expect that Independent Bank will post 3.22 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio is 34.15%.

Institutional Trading of Independent Bank

Several institutional investors and hedge funds have recently modified their holdings of IBCP. Integrated Wealth Concepts LLC bought a new position in Independent Bank in the first quarter valued at about $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Independent Bank by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 464 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Independent Bank by 469.8% in the first quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock worth $4,032,000 after acquiring an additional 107,972 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock valued at $9,206,000 after purchasing an additional 12,855 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Independent Bank by 24.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock valued at $2,190,000 after purchasing an additional 13,926 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Company Profile

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.