Independent Bank (NASDAQ:IBCP) Earns Neutral Rating from DA Davidson

Key Points

• DA Davidson reiterated a "neutral" rating on Independent Bank with a $36 price target (about a 12% upside), while the street consensus remains a Hold with an average target of $36.67 and mixed analyst moves (Piper Sandler $39 neutral; Weiss upgrade to buy).
• Independent Bank beat EPS estimates at $0.89 but missed revenue ($46.8M vs. $50.52M); the stock trades around $32.11, below its 50- and 200-day moving averages, with a market cap of $661M and a P/E of 9.79.
• Institutional ownership is high at 79.43%, with notable stake increases from Millennium Management, Goldman Sachs and UBS in the latest quarter.

Independent Bank (NASDAQ:IBCP - Get Free Report)'s stock had its "neutral" rating restated by equities research analysts at DA Davidson in a report released on Friday,Benzinga reports. They currently have a $36.00 price target on the financial services provider's stock. DA Davidson's target price would suggest a potential upside of 12.13% from the stock's previous close.

IBCP has been the subject of several other research reports. Piper Sandler raised their target price on Independent Bank from $36.00 to $39.00 and gave the company a "neutral" rating in a research note on Monday, January 26th. Weiss Ratings upgraded shares of Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 12th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Independent Bank presently has an average rating of "Hold" and a consensus price target of $36.67.

Independent Bank Price Performance

Shares of IBCP stock traded down $0.72 during midday trading on Friday, reaching $32.11. 99,117 shares of the company were exchanged, compared to its average volume of 143,950. The company's 50 day moving average price is $34.88 and its two-hundred day moving average price is $33.10. The company has a market cap of $661.06 million, a P/E ratio of 9.79 and a beta of 0.78. Independent Bank has a 12 month low of $26.75 and a 12 month high of $37.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.92 and a current ratio of 0.93.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.83 by $0.06. The business had revenue of $46.80 million for the quarter, compared to analyst estimates of $50.52 million. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. On average, sell-side analysts expect that Independent Bank will post 3.22 earnings per share for the current year.

Institutional Trading of Independent Bank

Hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new stake in Independent Bank in the 1st quarter worth about $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Independent Bank by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider's stock worth $364,000 after purchasing an additional 464 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Independent Bank by 469.8% during the first quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider's stock worth $4,032,000 after purchasing an additional 107,972 shares during the period. Goldman Sachs Group Inc. lifted its position in Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider's stock worth $9,206,000 after buying an additional 12,855 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Independent Bank by 24.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider's stock worth $2,190,000 after buying an additional 13,926 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.

About Independent Bank

Independent Bank Corporation NASDAQ: IBCP is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company's offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.

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