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

Independent Bank (NASDAQ:IBCP) had its price objective lifted by DA Davidson from $37.00 to $39.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have 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 reissued a “market perform” rating and issued a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

Independent Bank Stock Performance

Shares of IBCP stock opened at $36.38 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a 50 day moving average price of $35.93 and a 200-day moving average price of $34.38. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The firm has a market capitalization of $759.98 million, a PE ratio of 12.37 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, topping 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%. As a group, equities research analysts expect 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. Stockholders of record on Tuesday, February 4th will be given a dividend of $0.26 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Tuesday, February 4th. Independent Bank’s payout ratio is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.45% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several institutional investors have recently bought and sold shares of IBCP. FMR LLC lifted its position in shares of Independent Bank by 7.2% in the third quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after buying an additional 69,504 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after acquiring an additional 10,193 shares in the last quarter. State Street Corp boosted its position in shares of Independent Bank by 4.8% during the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after acquiring an additional 29,475 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Independent Bank by 0.4% in the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after purchasing an additional 1,831 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 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.