Keefe, Bruyette & Woods Has Lowered Expectations for Independent Bank (NASDAQ:IBCP) Stock Price

Independent Bank (NASDAQ:IBCP - Get Free Report) had its target price lowered by investment analysts at Keefe, Bruyette & Woods from $37.00 to $35.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective suggests a potential upside of 14.90% from the stock's current price.

Separately, DA Davidson boosted their target price on Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th.

Independent Bank Price Performance

Shares of NASDAQ IBCP traded down $0.60 during mid-day trading on Friday, reaching $30.46. The company's stock had a trading volume of 130,158 shares, compared to its average volume of 121,198. The stock has a fifty day moving average of $30.88 and a two-hundred day moving average of $34.01. The firm has a market capitalization of $638.84 million, a PE ratio of 9.64 and a beta of 0.85. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. The business had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. As a group, sell-side analysts anticipate that Independent Bank will post 3.22 EPS for the current fiscal year.

Insider Buying and Selling at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of Independent Bank stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the completion of the sale, the director now owns 8,381 shares of the company's stock, valued at approximately $259,811. The trade was a 43.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. PL Capital Advisors LLC grew its position in shares of Independent Bank by 3,383.0% during the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock worth $386,970,000 after buying an additional 10,791,263 shares in the last quarter. Vanguard Group Inc. lifted its stake in Independent Bank by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock worth $42,448,000 after acquiring an additional 25,756 shares during the period. American Century Companies Inc. grew its holdings in Independent Bank by 11.5% during the 4th quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider's stock worth $18,237,000 after acquiring an additional 53,938 shares in the last quarter. Geode Capital Management LLC increased its position in Independent Bank by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider's stock valued at $16,663,000 after purchasing an additional 1,831 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Independent Bank by 15.3% in the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock valued at $15,593,000 after purchasing an additional 59,339 shares in the last quarter. Institutional investors 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.