Independent Bank (NASDAQ:IBCP) Reaches New 12-Month High – Here’s What Happened

Independent Bank Corporation (NASDAQ:IBCP)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $39.17 and last traded at $34.13, with a volume of 114439 shares traded. The stock had previously closed at $34.36.

Analyst Upgrades and Downgrades

IBCP has been the topic of a number of recent research reports. Piper Sandler cut their price objective on Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. DA Davidson upped their price objective on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.00.

Independent Bank Stock Down 0.7%

The business has a 50-day moving average price of $33.60 and a two-hundred day moving average price of $33.81. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. The firm has a market cap of $703.42 million, a PE ratio of 10.19 and a beta of 0.71.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.79 by $0.02. The firm had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. On average, equities research analysts expect that Independent Bank Corporation will post 3.54 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, May 4th. Independent Bank’s dividend payout ratio is 33.43%.

Hedge Funds Weigh In On Independent Bank

Large investors have recently bought and sold shares of the business. Maltese Capital Management LLC increased its holdings in Independent Bank by 77.9% in the third quarter. Maltese Capital Management LLC now owns 155,000 shares of the financial services provider’s stock valued at $4,801,000 after buying an additional 67,859 shares during the last quarter. American Century Companies Inc. increased its holdings in Independent Bank by 8.1% in the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after buying an additional 48,301 shares during the last quarter. MQS Management LLC purchased a new position in Independent Bank in the third quarter valued at $493,000. JPMorgan Chase & Co. increased its holdings in Independent Bank by 5.9% in the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after buying an additional 24,772 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new position in Independent Bank in the fourth quarter valued at $6,943,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.