Independent Bank’s (IBCP) Neutral Rating Reiterated at DA Davidson

DA Davidson restated their neutral rating on shares of Independent Bank (NASDAQ:IBCP) in a report released on Friday,Benzinga reports. The firm currently has a $36.00 price objective on the financial services provider’s stock.

IBCP has been the topic of a number of other research reports. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. Piper Sandler boosted their price target on Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $36.67.

Independent Bank Stock Performance

Shares of IBCP stock opened at $31.98 on Friday. The company’s fifty day moving average price is $34.86 and its 200-day moving average price is $33.09. The stock has a market cap of $658.47 million, a PE ratio of 9.75 and a beta of 0.78. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.23. Independent Bank has a 12 month low of $26.75 and a 12 month high of $37.39.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.06. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. The company had revenue of $46.80 million during the quarter, compared to analyst estimates of $50.52 million. On average, equities analysts expect that Independent Bank will post 3.22 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were given a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.12 annualized dividend and a dividend yield of 3.5%. This is a boost from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s payout ratio is presently 34.15%.

Institutional Trading of Independent Bank

Institutional investors have recently bought and sold shares of the company. Harbour Investments Inc. raised its holdings in Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock worth $31,000 after buying an additional 300 shares during the last quarter. Hudson Edge Investment Partners Inc. grew its holdings in shares of Independent Bank by 0.9% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider’s stock valued at $1,127,000 after buying an additional 318 shares during the last quarter. Occudo Quantitative Strategies LP grew its holdings in shares of Independent Bank by 3.2% during the fourth quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider’s stock valued at $375,000 after buying an additional 355 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Independent Bank by 1.7% during the fourth quarter. Cetera Investment Advisers now owns 22,254 shares of the financial services provider’s stock valued at $724,000 after buying an additional 363 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Independent Bank by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 464 shares in the last quarter. 79.43% of the stock is owned by hedge funds and other 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.