FY2024 EPS Estimates for Independent Bank Co. Reduced by DA Davidson (NASDAQ:IBCP)

Independent Bank Co. (NASDAQ:IBCP - Free Report) - Investment analysts at DA Davidson cut their FY2024 earnings estimates for shares of Independent Bank in a research report issued on Tuesday, April 30th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $2.96 per share for the year, down from their prior forecast of $3.04. DA Davidson has a "Neutral" rating and a $28.00 price objective on the stock. The consensus estimate for Independent Bank's current full-year earnings is $2.99 per share.

Separately, Hovde Group began coverage on shares of Independent Bank in a research note on Monday, March 4th. They issued a "market perform" rating on the stock.

Independent Bank Stock Performance

Shares of Independent Bank stock remained flat at $25.04 during trading on Thursday. 88,894 shares of the stock were exchanged, compared to its average volume of 78,011. The firm has a market capitalization of $523.59 million, a P/E ratio of 8.52 and a beta of 0.97. The firm's fifty day simple moving average is $24.32 and its two-hundred day simple moving average is $23.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. Independent Bank has a 1-year low of $14.90 and a 1-year high of $27.39.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, May 3rd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.83%. Independent Bank's dividend payout ratio (DPR) is presently 32.65%.

Insider Activity

In related news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the sale, the senior vice president now owns 8,366 shares in the company, valued at $209,150. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.45% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the business. Swiss National Bank raised its stake in Independent Bank by 2.2% during the third quarter. Swiss National Bank now owns 46,500 shares of the financial services provider's stock worth $853,000 after acquiring an additional 1,000 shares during the period. Fifth Third Bancorp raised its stake in Independent Bank by 524.2% during the fourth quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider's stock worth $54,000 after acquiring an additional 1,730 shares during the period. Assenagon Asset Management S.A. grew its position in Independent Bank by 31.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider's stock worth $3,495,000 after purchasing an additional 45,617 shares during the last quarter. FMR LLC grew its position in Independent Bank by 12.8% in the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider's stock worth $14,193,000 after purchasing an additional 87,852 shares during the last quarter. Finally, Denali Advisors LLC bought a new position in Independent Bank in the 4th quarter worth about $138,000. Institutional investors and hedge funds 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.