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

Independent Bank (NASDAQ:IBCP - Free Report) had its price target lifted by DA Davidson from $37.00 to $39.00 in a report released on Tuesday,Benzinga reports. DA Davidson currently has 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 restated a "market perform" rating and set a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Trading Up 0.1 %

NASDAQ:IBCP traded up $0.03 on Tuesday, reaching $36.41. 84,081 shares of the stock traded hands, compared to its average volume of 142,190. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. Independent Bank has a 1-year low of $22.53 and a 1-year high of $40.32. The company's 50 day moving average is $35.93 and its 200-day moving average is $34.38. The firm has a market capitalization of $760.50 million, a price-to-earnings ratio of 11.52 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Equities research analysts anticipate that Independent Bank will post 3.22 EPS for the current fiscal 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 issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.04 annualized dividend and a dividend yield of 2.86%. This is a positive change from Independent Bank's previous quarterly dividend of $0.24. Independent Bank's dividend payout ratio is currently 30.38%.

Insider Activity

In other news, EVP Gavin A. Mohr purchased 800 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the purchase, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC grew its holdings in Independent Bank by 7.2% during 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 grew its stake in shares of Independent Bank by 1.0% in 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 raised its holdings in shares of Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock valued at $21,597,000 after purchasing an additional 29,475 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Independent Bank by 0.4% during 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. boosted its holdings in Independent Bank by 28.7% during 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. Institutional investors 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.