Weiss Ratings Reiterates Buy (B-) Rating for Independent Bank (NASDAQ:IBCP)

Independent Bank (NASDAQ:IBCP)‘s stock had its “buy (b-)” rating reissued by research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, DA Davidson raised their price target on shares of Independent Bank from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, July 25th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Independent Bank presently has a consensus rating of “Hold” and an average price target of $36.00.

Independent Bank Stock Performance

Shares of IBCP stock opened at $31.15 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $645.12 million, a P/E ratio of 10.15 and a beta of 0.79. The company’s 50 day moving average price is $31.60 and its two-hundred day moving average price is $31.59. Independent Bank has a 52 week low of $26.75 and a 52 week high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $55.94 million during the quarter, compared to analysts’ expectations of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. On average, analysts expect that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 2,000 shares of the business’s stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $29.64 per share, with a total value of $59,280.00. Following the acquisition, the executive vice president directly owned 23,826 shares of the company’s stock, valued at $706,202.64. This trade represents a 9.16% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $32.64, for a total value of $45,696.00. Following the sale, the executive vice president directly owned 62,389 shares of the company’s stock, valued at $2,036,376.96. This represents a 2.19% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.68% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 9.5% during the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider’s stock worth $41,106,000 after buying an additional 116,339 shares in the last quarter. FJ Capital Management LLC lifted its holdings in shares of Independent Bank by 1.9% during the first quarter. FJ Capital Management LLC now owns 683,156 shares of the financial services provider’s stock worth $21,034,000 after buying an additional 12,672 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Independent Bank by 4.9% during the second quarter. American Century Companies Inc. now owns 595,239 shares of the financial services provider’s stock worth $19,292,000 after buying an additional 27,554 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Independent Bank by 3.5% during the second quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider’s stock worth $17,637,000 after buying an additional 18,463 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Independent Bank by 1.0% during the second quarter. LSV Asset Management now owns 464,770 shares of the financial services provider’s stock worth $15,063,000 after buying an additional 4,744 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.