Independent Bank (NASDAQ:IBCP) Receives Market Perform Rating from Keefe, Bruyette & Woods

Independent Bank (NASDAQ:IBCP)‘s stock had its “market perform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $41.00 price objective on the financial services provider’s stock, up from their previous price objective of $39.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 16.35% from the company’s previous close.

Independent Bank Price Performance

Independent Bank stock opened at $35.24 on Friday. The stock has a fifty day moving average of $36.07 and a 200-day moving average of $34.07. The stock has a market capitalization of $736.16 million, a P/E ratio of 11.99 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. On average, sell-side analysts expect that Independent Bank will post 3.04 earnings per share for the current fiscal year.

Insider Transactions at Independent Bank

In related news, EVP Gavin A. Mohr acquired 800 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.45% of the stock is currently owned by corporate insiders.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Independent Bank by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after purchasing an additional 10,193 shares during the period. Sei Investments Co. grew its holdings in shares of Independent Bank by 21.4% during the second quarter. Sei Investments Co. now owns 16,624 shares of the financial services provider’s stock valued at $449,000 after buying an additional 2,928 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Independent Bank by 75.8% in the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock worth $4,698,000 after acquiring an additional 75,022 shares during the last quarter. Creative Planning raised its holdings in shares of Independent Bank by 5.4% in the 2nd quarter. Creative Planning now owns 43,174 shares of the financial services provider’s stock worth $1,166,000 after acquiring an additional 2,209 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Independent Bank by 8.4% during the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 1,100 shares during the last quarter. 79.43% of the stock is owned by institutional investors.

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.