Keefe, Bruyette & Woods Issues Pessimistic Forecast for Independent Bank (NASDAQ:IBCP) Stock Price

Independent Bank (NASDAQ:IBCP - Get Free Report) had its target price dropped by equities researchers at Keefe, Bruyette & Woods from $37.00 to $35.00 in a report released on Friday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target points to a potential upside of 13.60% from the stock's current price.

Separately, DA Davidson lifted their price objective on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th.

Independent Bank Stock Performance

IBCP traded down $0.23 during trading on Friday, reaching $30.81. 80,269 shares of the company's stock were exchanged, compared to its average volume of 107,811. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. 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 business has a 50 day moving average price of $30.95 and a 200 day moving average price of $34.03. The company has a market capitalization of $646.18 million, a P/E ratio of 9.75 and a beta of 0.85.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.04. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. The firm had revenue of $54.11 million for the quarter, compared to the consensus estimate of $46.25 million. As a group, analysts predict that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PL Capital Advisors LLC raised its holdings in shares of Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock valued at $386,970,000 after buying an additional 10,791,263 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Independent Bank by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock valued at $42,448,000 after buying an additional 25,756 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Independent Bank by 11.5% in the fourth quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock valued at $18,237,000 after buying an additional 53,938 shares during the last quarter. Geode Capital Management LLC raised 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 buying an additional 1,831 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Independent Bank by 15.3% in the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock valued at $15,593,000 after buying an additional 59,339 shares during the last quarter. 79.43% of the stock is owned by 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.