Independent Bank (NASDAQ:IBCP) Shares Gap Down – What’s Next?

Independent Bank Corporation (NASDAQ:IBCP)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $37.75, but opened at $36.36. Independent Bank shares last traded at $36.2370, with a volume of 3,062 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IBCP. Hovde Group raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $36.00 to $41.00 in a report on Friday, July 10th. DA Davidson upped their target price on shares of Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Piper Sandler decreased their price target on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $38.33.

Independent Bank Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a 50-day moving average of $34.84 and a 200-day moving average of $34.46. The stock has a market cap of $748.80 million, a PE ratio of 10.85 and a beta of 0.71.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.02. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%.The company had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.36 million. Research analysts predict that Independent Bank Corporation will post 3.55 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were given a dividend of $0.28 per share. The ex-dividend date was Monday, May 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is presently 33.43%.

Insider Activity

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the transaction, the executive vice president owned 64,327 shares of the company’s stock, valued at approximately $2,213,492.07. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new stake in Independent Bank in the 1st quarter valued at $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Independent Bank by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 464 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Independent Bank by 469.8% during the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock valued at $4,032,000 after purchasing an additional 107,972 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 4.5% during 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 during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Independent Bank by 24.4% during the first 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. 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.