Independent Bank (NASDAQ:IBCP) Receives Buy (B-) Rating from Weiss Ratings

Independent Bank (NASDAQ:IBCP - Get Free Report)'s stock had its "buy (b-)" rating restated by equities research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Separately, DA Davidson raised their price target on shares of Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Independent Bank has an average rating of "Hold" and a consensus price target of $36.00.

Independent Bank Stock Down 0.5%

Shares of NASDAQ IBCP opened at $31.15 on Wednesday. Independent Bank has a 12-month low of $26.75 and a 12-month high of $40.32. The company has a market capitalization of $645.12 million, a PE ratio of 10.15 and a beta of 0.79. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.92 and a quick ratio of 0.92. The firm's 50-day moving average is $31.60 and its two-hundred day moving average is $31.59.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $55.94 million for the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a net margin of 20.31% and a return on equity of 14.05%. Equities analysts anticipate that Independent Bank will post 3.22 EPS for the current fiscal year.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr acquired 2,000 shares of Independent Bank stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average cost of $29.64 per share, for a total transaction of $59,280.00. Following the completion of the purchase, the executive vice president owned 23,826 shares of the company's stock, valued at $706,202.64. This represents a 9.16% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stefanie M. Kimball sold 1,400 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $32.64, for a total transaction of $45,696.00. Following the transaction, the executive vice president owned 62,389 shares of the company's stock, valued at approximately $2,036,376.96. The trade was a 2.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank in the 3rd quarter worth about $6,394,000. Thrivent Financial for Lutherans grew its holdings in Independent Bank by 5.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 44,385 shares of the financial services provider's stock worth $1,439,000 after acquiring an additional 2,175 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Independent Bank by 4.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 35,142 shares of the financial services provider's stock worth $1,139,000 after acquiring an additional 1,652 shares during the last quarter. Brevan Howard Capital Management LP bought a new stake in Independent Bank during the 2nd quarter worth about $354,000. Finally, Bank of America Corp DE lifted its position in Independent Bank by 6.0% during the 2nd quarter. Bank of America Corp DE now owns 65,059 shares of the financial services provider's stock valued at $2,109,000 after purchasing an additional 3,696 shares during the period. 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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