Independent Bank’s (IBCP) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:IBCP)‘s stock had its “market perform” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $31.00 price target on the financial services provider’s stock, up from their prior price target of $26.00. Keefe, Bruyette & Woods’ target price would indicate a potential downside of 8.61% from the company’s previous close.

Other analysts have also issued reports about the stock. Piper Sandler increased their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research report on Monday. DA Davidson reaffirmed a “neutral” rating and set a $28.00 target price on shares of Independent Bank in a research report on Tuesday, April 30th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, Independent Bank currently has a consensus rating of “Hold” and an average target price of $32.17.

Independent Bank Trading Down 1.1 %

Shares of NASDAQ:IBCP traded down $0.37 during trading on Monday, reaching $33.92. The company’s stock had a trading volume of 15,158 shares, compared to its average volume of 89,578. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.31. Independent Bank has a 12 month low of $16.90 and a 12 month high of $35.97. The firm’s 50 day simple moving average is $26.65 and its two-hundred day simple moving average is $25.44. The stock has a market capitalization of $708.93 million, a PE ratio of 11.50 and a beta of 1.01.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data 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. Independent Bank had a net margin of 21.11% and a return on equity of 17.24%. The company had revenue of $81.51 million for the quarter, compared to analyst estimates of $53.50 million. During the same period in the prior year, the company posted $0.70 EPS. On average, research analysts predict that Independent Bank will post 3.03 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of Independent Bank by 12.5% in the first quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock worth $6,848,000 after acquiring an additional 29,977 shares during the period. Russell Investments Group Ltd. raised its position in shares of Independent Bank by 86.6% in the first quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider’s stock worth $2,768,000 after acquiring an additional 50,681 shares during the period. Fifth Third Bancorp raised its position in shares of Independent Bank by 524.2% in the fourth quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 1,730 shares during the period. Empowered Funds LLC raised its position in shares of Independent Bank by 8.1% in the first quarter. Empowered Funds LLC now owns 83,179 shares of the financial services provider’s stock worth $2,109,000 after acquiring an additional 6,267 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Independent Bank by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 977,832 shares of the financial services provider’s stock worth $25,444,000 after acquiring an additional 13,962 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.