Independent Bank (NASDAQ:IBCP) Given New $37.00 Price Target at DA Davidson

Key Points

• DA Davidson raised its price target for Independent Bank from $35.00 to $37.00, indicating a potential upside of 14.13% from its previous close.
• The bank reported an earnings per share (EPS) of $0.81 for the last quarter, exceeding analyst expectations of $0.78.
• Insider activity included Director Terance L. Beia purchasing 1,821 shares, while Director Michael M. Magee, Jr. sold 6,404 shares.
• Hedge funds and institutional investors currently own approximately 79.43% of Independent Bank's stock, highlighting significant institutional interest.

Independent Bank (NASDAQ:IBCP - Get Free Report) had its target price lifted by DA Davidson from $35.00 to $37.00 in a report issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. DA Davidson's target price suggests a potential upside of 16.06% from the company's previous close. DA Davidson also issued estimates for Independent Bank's Q3 2025 earnings at $0.84 EPS and FY2025 earnings at $3.23 EPS.

A number of other analysts also recently issued reports on the company. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a report on Friday, April 25th. Piper Sandler decreased their price target on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, April 28th.

Independent Bank Stock Performance

Shares of IBCP stock traded down $0.41 during mid-day trading on Friday, reaching $31.88. The stock had a trading volume of 51,018 shares, compared to its average volume of 76,474. Independent Bank has a 1-year low of $26.75 and a 1-year high of $40.32. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a market cap of $660.55 million, a price-to-earnings ratio of 10.38 and a beta of 0.84. The business's fifty day moving average is $32.38 and its 200-day moving average is $32.41.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. Independent Bank had a return on equity of 14.13% and a net margin of 20.31%. The firm had revenue of $55.94 million for the quarter, compared to the consensus estimate of $47.72 million. On average, research analysts forecast that Independent Bank will post 3.22 earnings per share for the current year.

Insider Buying and Selling at Independent Bank

In other news, Director Terance L. Beia bought 1,821 shares of Independent Bank stock in a transaction dated Friday, June 13th. The stock was acquired at an average cost of $30.65 per share, with a total value of $55,813.65. Following the acquisition, the director owned 40,001 shares of the company's stock, valued at approximately $1,226,030.65. This trade represents a 4.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.68% of the company's stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC boosted its stake in shares of Independent Bank by 10.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after acquiring an additional 283 shares in the last quarter. Hudson Edge Investment Partners Inc. lifted its stake in Independent Bank by 1.1% in the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 31,597 shares of the financial services provider's stock valued at $1,024,000 after buying an additional 339 shares in the last quarter. CWM LLC lifted its stake in Independent Bank by 5.2% in the 2nd quarter. CWM LLC now owns 6,828 shares of the financial services provider's stock valued at $221,000 after buying an additional 340 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Independent Bank by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock worth $893,000 after purchasing an additional 395 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Independent Bank by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock worth $395,000 after purchasing an additional 399 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

About Independent Bank

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.