Independent Bank (NASDAQ:IBCP) Given New $39.00 Price Target at DA Davidson

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

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

Independent Bank Price Performance

NASDAQ IBCP opened at $36.25 on Tuesday. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The stock’s 50-day moving average is $35.98 and its two-hundred day moving average is $34.36. The firm has a market cap of $757.26 million, a P/E ratio of 12.33 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates 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, analysts anticipate that Independent Bank will post 3.04 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be given a $0.26 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Tuesday, February 4th. Independent Bank’s payout ratio is currently 32.65%.

Insider Activity

In related news, EVP Gavin A. Mohr bought 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This trade 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 accessible through this link. 5.45% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI acquired a new stake in Independent Bank during the third quarter worth about $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank during the third quarter valued at approximately $27,000. Dakota Wealth Management acquired a new position in shares of Independent Bank in the fourth quarter valued at $203,000. CWM LLC lifted its position in Independent Bank by 47.5% in the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares during the period. Finally, Zacks Investment Management acquired a new stake in Independent Bank during the third quarter worth $221,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.