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

DA Davidson reiterated their neutral rating on shares of Independent Bank (NASDAQ:IBCP) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $28.00 price objective on the financial services provider’s stock.

Separately, Hovde Group assumed coverage on shares of Independent Bank in a research note on Monday, March 4th. They set a market perform rating on the stock.

Independent Bank Price Performance

IBCP opened at $24.81 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market capitalization of $518.78 million, a P/E ratio of 8.44 and a beta of 0.97. The company’s 50-day simple moving average is $24.31 and its two-hundred day simple moving average is $23.63. Independent Bank has a 52-week low of $14.90 and a 52-week high of $27.39.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, May 3rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Thursday, May 2nd. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Transactions at Independent Bank

In other news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the transaction, the senior vice president now owns 8,366 shares in the company, valued at approximately $209,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.48% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the business. AJOVista LLC bought a new position in shares of Independent Bank in the 4th quarter worth approximately $38,000. Quadrant Capital Group LLC increased its holdings in Independent Bank by 46.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 648 shares in the last quarter. Fifth Third Bancorp increased its holdings in Independent Bank by 524.2% in the 4th 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 in the last quarter. Quest Partners LLC purchased a new stake in Independent Bank in the 4th quarter worth approximately $79,000. Finally, Denali Advisors LLC purchased a new stake in Independent Bank in the 4th quarter worth approximately $138,000. Institutional investors own 79.43% of the company’s stock.

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.