Independent Bank (NASDAQ:IBCP) Price Target Raised to $39.00 at DA Davidson

Independent Bank (NASDAQ:IBCP) had its target price boosted by equities research analysts at DA Davidson from $37.00 to $39.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price target points to a potential upside of 8.72% from the stock’s current price.

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

Independent Bank Price Performance

NASDAQ:IBCP traded up $0.23 during mid-day trading on Tuesday, hitting $35.87. The company’s stock had a trading volume of 10,376 shares, compared to its average volume of 147,372. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $749.35 million, a price-to-earnings ratio of 12.20 and a beta of 1.03. The stock has a fifty day moving average of $36.00 and a 200-day moving average of $34.30.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. As a group, equities analysts forecast that Independent Bank will post 3.04 EPS for the current fiscal year.

Insider Activity at Independent Bank

In related news, EVP Gavin A. Mohr purchased 800 shares of Independent Bank stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.45% of the stock is owned by insiders.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of IBCP. Dimensional Fund Advisors LP raised its holdings in Independent Bank by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after purchasing an additional 10,193 shares in the last quarter. Sei Investments Co. grew its position in shares of Independent Bank by 21.4% in the 2nd quarter. Sei Investments Co. now owns 16,624 shares of the financial services provider’s stock worth $449,000 after buying an additional 2,928 shares during the period. AQR Capital Management LLC grew its position in shares of Independent Bank by 75.8% in the 2nd quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock worth $4,698,000 after buying an additional 75,022 shares during the period. Creative Planning grew its position in shares of Independent Bank by 5.4% in the 2nd quarter. Creative Planning now owns 43,174 shares of the financial services provider’s stock worth $1,166,000 after buying an additional 2,209 shares during the period. Finally, Truist Financial Corp grew its position in shares of Independent Bank by 8.4% in the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after buying an additional 1,100 shares during the period. 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.