Independent Bank (NASDAQ:IBCP) Shares Gap Down - Here's What Happened

Key Points

• Independent Bank shares gapped down before Monday’s trading, opening at $36.36 after closing at $37.75, and last traded around $36.24.
• Analyst sentiment remains mixed but slightly positive: Piper Sandler cut its target to $37, while Hovde Group upgraded the stock to outperform and raised its target to $41. The consensus rating is currently Moderate Buy with an average price target of $38.33.
• The company recently beat quarterly EPS expectations, reporting $0.81 per share versus $0.79 expected, and it continues to pay a quarterly dividend of $0.28 per share, equal to a 3.1% annualized yield.

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $37.75, but opened at $36.36. Independent Bank shares last traded at $36.2370, with a volume of 3,062 shares.

Analyst Ratings Changes

Several brokerages have weighed in on IBCP. Piper Sandler dropped their price target on shares of Independent Bank from $39.00 to $37.00 and set a "neutral" rating for the company in a research report on Monday, April 27th. DA Davidson boosted their price objective on shares of Independent Bank from $36.00 to $37.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Hovde Group upgraded shares of Independent Bank from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $36.00 to $41.00 in a research report on Friday, July 10th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Independent Bank in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Independent Bank Stock Down 0.2%

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $748.80 million, a P/E ratio of 10.85 and a beta of 0.71. The company has a 50-day moving average of $34.84 and a two-hundred day moving average of $34.46.

Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.02. The business had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. On average, research analysts predict that Independent Bank Corporation will post 3.55 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank's dividend payout ratio is currently 33.43%.

Insider Activity

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the completion of the transaction, the executive vice president directly owned 64,327 shares in the company, valued at $2,213,492.07. This trade represents a 2.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the business. Harbour Investments Inc. grew its holdings in shares of Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider's stock worth $31,000 after acquiring an additional 300 shares during the period. Hudson Edge Investment Partners Inc. lifted its holdings 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 acquiring an additional 318 shares during the period. Occudo Quantitative Strategies LP lifted its holdings 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 acquiring an additional 355 shares during the period. Cetera Investment Advisers boosted 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 worth $724,000 after purchasing an additional 363 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 worth $364,000 after purchasing an additional 464 shares during the last quarter. Institutional investors own 79.43% of the company's stock.

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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