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

Independent Bank (NASDAQ:IBCP) had its target price increased by equities researchers at DA Davidson from $37.00 to $39.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s target price would suggest a potential upside of 8.72% from the company’s previous close.

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

Independent Bank Price Performance

IBCP stock traded up $0.23 during trading on Tuesday, hitting $35.87. The stock had a trading volume of 10,376 shares, compared to its average volume of 147,372. The company’s 50 day moving average price is $36.00 and its two-hundred day moving average price is $34.30. Independent Bank has a 1-year low of $22.53 and a 1-year high of $40.32. The stock has a market cap of $749.35 million, a price-to-earnings ratio of 12.20 and a beta of 1.03. 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 (NASDAQ:IBCP) last posted its quarterly earnings data 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 net margin of 19.93% and a return on equity of 15.26%. On average, sell-side analysts forecast that Independent Bank will post 3.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Gavin A. Mohr bought 800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the purchase, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This represents a 4.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 5.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI acquired a new stake in Independent Bank during the 3rd quarter worth about $26,000. nVerses Capital LLC acquired a new stake in Independent Bank during the 3rd quarter worth about $27,000. Dakota Wealth Management acquired a new stake in Independent Bank during the 4th quarter worth about $203,000. CWM LLC boosted its position in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,025 shares during the period. Finally, Zacks Investment Management purchased a new stake in shares of Independent Bank during the 3rd quarter worth about $221,000. Institutional investors and hedge funds 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.