Independent Bank (NASDAQ:IBCP) Sets New 1-Year High – What’s Next?

Independent Bank Co. (NASDAQ:IBCP)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $37.53 and last traded at $37.53, with a volume of 5703 shares. The stock had previously closed at $33.17.

Wall Street Analysts Forecast Growth

IBCP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler boosted their price target on Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research note on Monday, July 29th.

Independent Bank Trading Down 3.7 %

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $33.34 and its 200-day moving average price is $29.82. The stock has a market capitalization of $768.28 million, a PE ratio of 12.50 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The business had revenue of $77.84 million during the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a return on equity of 15.58% and a net margin of 19.93%. During the same period in the prior year, the firm posted $0.83 earnings per share. On average, sell-side analysts expect that Independent Bank Co. will post 3.02 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Tuesday, November 5th. Independent Bank’s payout ratio is presently 32.65%.

Insider Activity at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total value of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in Independent Bank during the 3rd quarter valued at $27,000. CWM LLC increased its stake in Independent Bank by 1,729.2% during the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Independent Bank by 36.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 1,225 shares during the last quarter. Comerica Bank purchased a new position in shares of Independent Bank in the first quarter worth about $173,000. Finally, Axxcess Wealth Management LLC acquired a new stake in Independent Bank during the 1st quarter valued at approximately $258,000. Hedge funds and other 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.