DA Davidson Expects Increased Earnings for Independent Bank

Independent Bank Co. (NASDAQ:IBCP - Free Report) - Analysts at DA Davidson lifted their FY2025 earnings estimates for shares of Independent Bank in a research note issued to investors on Tuesday, January 28th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $3.51 for the year, up from their previous estimate of $3.12. DA Davidson has a "Neutral" rating and a $39.00 price target on the stock. The consensus estimate for Independent Bank's current full-year earnings is $3.22 per share.

Separately, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Price Performance

Shares of IBCP traded up $0.02 during midday trading on Thursday, hitting $36.40. 133,142 shares of the company traded hands, compared to its average volume of 134,605. Independent Bank has a one year low of $22.53 and a one year high of $40.32. The firm has a market cap of $760.40 million, a P/E ratio of 11.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50-day moving average of $35.89 and a 200-day moving average of $34.45.

Independent Bank (NASDAQ:IBCP - Get Free Report) 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 return on equity of 15.43% and a net margin of 20.67%.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently modified their holdings of the company. National Bank of Canada FI purchased a new position in Independent Bank in the 3rd quarter worth $26,000. nVerses Capital LLC bought a new position in shares of Independent Bank during the third quarter valued at about $27,000. Dakota Wealth Management purchased a new position in shares of Independent Bank in the fourth quarter worth about $203,000. CWM LLC lifted its stake in shares of Independent Bank by 47.5% in the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 2,025 shares during the last quarter. Finally, Zacks Investment Management purchased a new stake in Independent Bank during the 3rd quarter valued at about $221,000. 79.43% of the stock is currently owned by institutional investors.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr purchased 800 shares of the stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 5.45% of the stock is currently owned by insiders.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.86%. This is a boost from Independent Bank's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, February 4th. Independent Bank's dividend payout ratio is 30.38%.

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.