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

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

Independent Bank Stock Up 1.3 %

NASDAQ:IBCP opened at $35.24 on Friday. The company has a market cap of $736.16 million, a price-to-earnings 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. The stock’s fifty day moving average price is $36.07 and its two-hundred day moving average price is $34.07. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results 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, analysts anticipate that Independent Bank will post 3.04 EPS for the current year.

Insider Transactions at Independent Bank

In related news, EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. The trade was a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

A number of large investors have recently added to or reduced their stakes in IBCP. National Bank of Canada FI acquired a new position in shares of Independent Bank during the third quarter worth about $26,000. nVerses Capital LLC acquired a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $27,000. Dakota Wealth Management bought a new position in Independent Bank in the 4th quarter valued at about $203,000. CWM LLC lifted its position in Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,025 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Independent Bank during the third quarter worth approximately $221,000. Institutional investors 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.