DA Davidson Issues Positive Forecast for Independent Bank (NASDAQ:IBCP) Stock Price

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 price target upped by equities research analysts at DA Davidson from $35.00 to $37.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. DA Davidson's target price would indicate a potential upside of 14.13% from the stock's previous close.

Other equities research analysts have also issued reports about the stock. Piper Sandler reduced their price objective on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

Independent Bank Trading Down 1.3%

NASDAQ IBCP traded down $0.42 during trading on Friday, hitting $32.42. The stock had a trading volume of 25,438 shares, compared to its average volume of 101,823. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market capitalization of $671.73 million, a price-to-earnings ratio of 10.33 and a beta of 0.84. Independent Bank has a one year low of $26.75 and a one year high of $40.32. The stock has a 50 day simple moving average of $32.40 and a 200 day simple moving average of $32.44.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued 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. The company had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. Sell-side analysts predict that Independent Bank will post 3.22 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Terance L. Beia bought 1,821 shares of the company's stock in a transaction on Friday, June 13th. The shares were acquired at an average cost of $30.65 per share, with a total value of $55,813.65. Following the completion of the acquisition, the director owned 40,001 shares of the company's stock, valued at $1,226,030.65. The trade was a 4.77% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael M. Magee, Jr. sold 6,404 shares of the business's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the completion of the sale, the director directly owned 8,381 shares in the company, valued at $259,811. This trade represents a 43.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.68% of the stock is currently owned by company insiders.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc raised its holdings in shares of Independent Bank by 408.6% in the first quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock worth $27,000 after buying an additional 715 shares during the period. Ameritas Advisory Services LLC acquired a new position in Independent Bank during the second quarter worth $30,000. Aquatic Capital Management LLC acquired a new position in Independent Bank during the fourth quarter worth $42,000. Tower Research Capital LLC TRC raised its stake in shares of Independent Bank by 246.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 1,024 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Independent Bank in the fourth quarter valued at $58,000. 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.

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