Independent Bank (NASDAQ:IBCP) Price Target Cut to $37.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler cut its price target on Independent Bank from $39.00 to $37.00 and kept a "neutral" rating, implying roughly a 10.37% upside; MarketBeat shows a consensus target of $37.00 and a consensus rating of "Hold."
• IBCP traded at $33.53 with a market cap of about $690 million and a P/E of 9.99, and the company reported quarterly EPS of $0.81 (beating the $0.79 estimate) while revenue of $58.9 million missed expectations.
• Institutional ownership is high at about 79.43%, with several funds modestly increasing their positions in recent quarters.

Independent Bank (NASDAQ:IBCP - Get Free Report) had its target price dropped by equities researchers at Piper Sandler from $39.00 to $37.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective would suggest a potential upside of 10.37% from the stock's previous close.

Other research analysts have also issued reports about the company. DA Davidson set a $37.00 price objective on Independent Bank in a report on Monday. Weiss Ratings raised Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 12th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Independent Bank presently has a consensus rating of "Hold" and a consensus target price of $37.00.

Independent Bank Stock Performance

NASDAQ IBCP traded up $0.10 on Monday, reaching $33.53. The stock had a trading volume of 32,172 shares, compared to its average volume of 168,043. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a fifty day moving average of $34.20 and a two-hundred day moving average of $33.47. Independent Bank has a 1-year low of $29.63 and a 1-year high of $37.39. The company has a market cap of $690.28 million, a P/E ratio of 9.99 and a beta of 0.76.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.02. Independent Bank had a return on equity of 14.32% and a net margin of 22.02%.The firm had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. On average, equities research analysts anticipate that Independent Bank will post 3.51 EPS for the current year.

Institutional Trading of Independent Bank

Institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. raised its position in Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 300 shares during the last quarter. Hudson Edge Investment Partners Inc. raised its position in Independent Bank by 0.9% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider's stock valued at $1,127,000 after purchasing an additional 318 shares during the last quarter. Occudo Quantitative Strategies LP raised its position in Independent Bank by 3.2% in the fourth quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider's stock valued at $375,000 after purchasing an additional 355 shares during the last quarter. Cetera Investment Advisers raised its position in Independent Bank by 1.7% in the fourth quarter. Cetera Investment Advisers now owns 22,254 shares of the financial services provider's stock valued at $724,000 after purchasing an additional 363 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 valued at $364,000 after purchasing an additional 464 shares during the last quarter. 79.43% of the stock is currently owned by institutional investors.

Independent Bank Company Profile

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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