Independent Bank (NASDAQ:IBCP) Stock Passes Above 50 Day Moving Average – What’s Next?

Independent Bank Corporation (NASDAQ:IBCP)’s stock price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $34.60 and traded as high as $37.05. Independent Bank shares last traded at $35.51, with a volume of 235,851 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IBCP. Piper Sandler lifted their price objective on Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, January 26th. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $37.00.

Independent Bank Price Performance

The firm has a market cap of $734.70 million, a PE ratio of 10.83 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a 50-day simple moving average of $34.60 and a 200 day simple moving average of $32.82.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The firm had revenue of $46.80 million for the quarter, compared to the consensus estimate of $50.52 million. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. As a group, equities analysts expect that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.2%. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, February 3rd. Independent Bank’s dividend payout ratio is currently 34.15%.

Institutional Trading of Independent Bank

A number of hedge funds have recently made changes to their positions in the stock. Algebris UK Ltd. bought a new position in Independent Bank during the 4th quarter valued at approximately $6,943,000. Assenagon Asset Management S.A. bought a new stake in Independent Bank in the third quarter worth $6,394,000. CSM Advisors LLC purchased a new stake in shares of Independent Bank in the second quarter worth $6,611,000. Millennium Management LLC increased its holdings in shares of Independent Bank by 60.5% during the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after acquiring an additional 146,646 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Independent Bank by 25.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock valued at $12,293,000 after acquiring an additional 76,811 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.