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

Independent Bank (NASDAQ:IBCP) had its price objective boosted by DA Davidson from $37.00 to $39.00 in a research note released on Tuesday,Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for Independent Bank’s Q1 2025 earnings at $0.72 EPS and FY2025 earnings at $3.51 EPS.

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

Independent Bank Stock Performance

NASDAQ:IBCP opened at $36.38 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The firm has a market cap of $759.98 million, a PE ratio of 12.37 and a beta of 1.03. The business has a 50 day moving average price of $35.93 and a 200-day moving average price of $34.38.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating 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%. Equities research analysts predict that Independent Bank will post 3.04 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.86%. Independent Bank’s dividend payout ratio is 32.65%.

Insider Activity

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the acquisition, the executive vice president now 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 filing with the SEC, which can be accessed through this link. Insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Rhumbline Advisers increased its stake in shares of Independent Bank by 0.9% during the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider’s stock valued at $1,451,000 after purchasing an additional 374 shares in the last quarter. HighTower Advisors LLC increased its position in Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock valued at $889,000 after buying an additional 384 shares in the last quarter. National Bank of Canada FI purchased a new position in Independent Bank during the third quarter valued at $26,000. nVerses Capital LLC bought a new stake in Independent Bank in the third quarter worth $27,000. Finally, Truist Financial Corp grew its stake in shares of Independent Bank by 8.4% in the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 1,100 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

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.