Independent Bank (NASDAQ:IBCP) Price Target Raised to $42.00

Independent Bank (NASDAQ:IBCP) had its target price lifted by DA Davidson from $40.00 to $42.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on IBCP. Keefe, Bruyette & Woods raised their price target on Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Hovde Group upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $36.00 to $41.00 in a report on Friday, July 10th. Piper Sandler raised shares of Independent Bank from a “neutral” rating to an “overweight” rating and set a $42.00 price target on the stock in a report on Friday, October 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Friday, September 4th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Independent Bank Price Performance

NASDAQ:IBCP opened at $36.57 on Wednesday. Independent Bank has a 12-month low of $29.83 and a 12-month high of $39.24. The firm has a market capitalization of $811.85 million, a price-to-earnings ratio of 10.76 and a beta of 0.73. The stock’s 50 day moving average price is $36.28 and its two-hundred day moving average price is $35.40. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.32.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Tuesday, October 27th. The financial services provider reported $0.92 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.03). The business had revenue of $71.07 million for the quarter, compared to the consensus estimate of $68.86 million. Independent Bank had a return on equity of 14.57% and a net margin of 21.63%. On average, analysts anticipate that Independent Bank will post 3.55 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, November 3rd will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 3rd. Independent Bank’s dividend payout ratio is currently 32.94%.

Insiders Place Their Bets

In other news, CEO William Kessel sold 2,000 shares of Independent Bank stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $37.28, for a total transaction of $74,560.00. Following the completion of the sale, the chief executive officer owned 157,836 shares of the company’s stock, valued at approximately $5,884,126.08. This trade represents a 1.25% 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 owned by insiders.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. bought a new position in Independent Bank during the 3rd quarter worth $746,000. William Mack & Associates Inc. acquired a new position in Independent Bank in the 3rd quarter valued at $42,000. Norris Perne & French LLP MI acquired a new position in Independent Bank in the 3rd quarter valued at $392,000. Nisa Investment Advisors LLC lifted its position in shares of Independent Bank by 22.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,810 shares of the financial services provider’s stock valued at $170,000 after acquiring an additional 881 shares during the period. Finally, SummerHaven Investment Management LLC lifted its position in shares of Independent Bank by 33.1% during the 3rd quarter. SummerHaven Investment Management LLC now owns 28,615 shares of the financial services provider’s stock valued at $954,000 after acquiring an additional 7,124 shares during the period. 79.43% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corp. is the bank holding company for Independent Bank, a community banking institution headquartered in Ionia, Michigan. The bank serves individuals, families, farmers, small businesses and commercial customers through a network of branches and digital banking services across Michigan’s Lower Peninsula.

Independent Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, agricultural loans and commercial lending.