DA Davidson Forecasts Higher Earnings for Independent Bank

Independent Bank Co. (NASDAQ:IBCP) – Equities research analysts at DA Davidson boosted their FY2025 earnings estimates for shares of Independent Bank in a research report issued on Tuesday, January 28th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $3.51 per share for the year, up from their previous forecast of $3.12. DA Davidson currently has a “Neutral” rating and a $39.00 target price on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $3.04 per share.

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $41.00 target price (up from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Stock Down 0.8 %

Shares of Independent Bank stock opened at $35.95 on Thursday. The stock has a 50-day simple moving average of $35.95 and a 200-day simple moving average of $34.37. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32. The firm has a market cap of $751.00 million, a price-to-earnings ratio of 12.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a yield of 2.89%. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s dividend payout ratio is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dakota Wealth Management acquired a new position in shares of Independent Bank during the fourth quarter valued at about $203,000. Assenagon Asset Management S.A. raised its holdings in Independent Bank by 40.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 132,234 shares of the financial services provider’s stock valued at $4,606,000 after acquiring an additional 38,157 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after acquiring an additional 77,874 shares during the period. Franklin Resources Inc. raised its stake in shares of Independent Bank by 3.9% in the third quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 1,217 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Independent Bank by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after acquiring an additional 1,831 shares in the last quarter. 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.