Independent Bank (NASDAQ:IBCP) Given “Market Perform” Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their market perform rating on shares of Independent Bank (NASDAQ:IBCP) in a report released on Monday, Benzinga reports. Keefe, Bruyette & Woods currently has a $31.00 price target on the financial services provider’s stock, up from their previous price target of $26.00.

Several other research firms have also recently weighed in on IBCP. Piper Sandler upped their price objective on Independent Bank from $27.00 to $37.50 and gave the stock a neutral rating in a research report on Monday. DA Davidson restated a neutral rating and issued a $28.00 price objective on shares of Independent Bank in a research note on Tuesday, April 30th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $32.17.

Independent Bank Price Performance

Shares of IBCP stock opened at $33.45 on Monday. The stock’s fifty day simple moving average is $27.32 and its 200 day simple moving average is $25.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $699.11 million, a price-to-earnings ratio of 11.38 and a beta of 1.01. Independent Bank has a one year low of $16.90 and a one year high of $35.97.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17. The company had revenue of $81.51 million during the quarter, compared to the consensus estimate of $53.50 million. Independent Bank had a return on equity of 17.24% and a net margin of 21.11%. During the same quarter in the previous year, the company posted $0.70 earnings per share. On average, analysts expect that Independent Bank will post 3.13 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Monday, August 5th. Independent Bank’s dividend payout ratio is 32.65%.

Insider Buying and Selling

In other Independent Bank news, Director Christina Keller sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $23.62, for a total transaction of $56,688.00. Following the completion of the sale, the director now directly owns 6,563 shares of the company’s stock, valued at approximately $155,018.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Independent Bank news, Director Christina Keller sold 2,400 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $23.62, for a total transaction of $56,688.00. Following the completion of the transaction, the director now directly owns 6,563 shares of the company’s stock, valued at $155,018.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Stefanie M. Kimball sold 1,700 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $24.49, for a total value of $41,633.00. Following the sale, the executive vice president now owns 61,784 shares in the company, valued at approximately $1,513,090.16. The disclosure for this sale can be found here. 5.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IBCP. Hillsdale Investment Management Inc. bought a new stake in shares of Independent Bank in the fourth quarter worth about $3,675,000. Assenagon Asset Management S.A. purchased a new position in shares of Independent Bank during the second quarter valued at approximately $3,147,000. Acadian Asset Management LLC lifted its holdings in shares of Independent Bank by 52.0% during the first quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider’s stock valued at $8,399,000 after purchasing an additional 113,408 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Independent Bank by 86.6% during the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock valued at $2,768,000 after purchasing an additional 50,681 shares during the last quarter. Finally, Boston Partners purchased a new position in Independent Bank in the 1st quarter worth approximately $1,168,000. Institutional investors own 79.43% of the company’s stock.

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.