Keefe, Bruyette & Woods Reiterates “Market Perform” Rating for Independent Bank (NASDAQ:IBCP)

Independent Bank (NASDAQ:IBCP)‘s stock had its “market perform” rating restated by equities research analysts at Keefe, Bruyette & Woods in a research report issued on Friday,Benzinga reports. They presently have a $41.00 target price on the financial services provider’s stock, up from their prior target price of $39.00. Keefe, Bruyette & Woods’ price target points to a potential upside of 15.17% from the company’s previous close.

Independent Bank Trading Up 1.0 %

Shares of IBCP opened at $35.60 on Friday. Independent Bank has a twelve month low of $22.53 and a twelve month high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $36.02 and its 200-day simple moving average is $34.19. The company has a market cap of $743.83 million, a P/E ratio of 12.11 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. As a group, analysts expect that Independent Bank will post 3.04 EPS for the current year.

Insider Transactions at Independent Bank

In other news, EVP Gavin A. Mohr acquired 800 shares of Independent Bank stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the purchase, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.45% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently bought and sold shares of the company. National Bank of Canada FI acquired a new stake in Independent Bank during the 3rd quarter valued at approximately $26,000. nVerses Capital LLC purchased a new position in shares of Independent Bank during the third quarter worth $27,000. Dakota Wealth Management purchased a new stake in Independent Bank in the fourth quarter valued at $203,000. CWM LLC grew its position in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares during the period. Finally, Zacks Investment Management purchased a new position in shares of Independent Bank during the 3rd quarter valued at about $221,000. 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.