Independent Bank (NASDAQ:IBCP) Price Target Raised to $39.00

Independent Bank (NASDAQ:IBCP) had its price target hoisted by DA Davidson from $37.00 to $39.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $41.00 price target (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Trading Up 1.7 %

Shares of IBCP opened at $36.25 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $757.26 million, a PE ratio of 12.33 and a beta of 1.03. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32. The stock has a 50 day simple moving average of $35.98 and a 200-day simple moving average of $34.36.

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, topping 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 predict that Independent Bank will post 3.04 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.87%. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Insider Buying and Selling

In other news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.45% of the stock is owned by corporate insiders.

Institutional Trading of Independent Bank

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

Independent Bank Company Profile

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.