Independent Bank's (IBCP) "Neutral" Rating Reiterated at DA Davidson

DA Davidson reaffirmed their neutral rating on shares of Independent Bank (NASDAQ:IBCP - Free Report) in a research note published on Tuesday morning, Benzinga reports. They currently have a $28.00 price objective on the financial services provider's stock.

Separately, Hovde Group initiated coverage on shares of Independent Bank in a research report on Monday, March 4th. They issued a market perform rating for the company.

Independent Bank Stock Down 0.7 %

Shares of Independent Bank stock traded down $0.18 during trading on Tuesday, hitting $24.81. 76,300 shares of the stock were exchanged, compared to its average volume of 77,379. The stock has a market cap of $518.78 million, a price-to-earnings ratio of 8.44 and a beta of 0.97. The firm's 50-day moving average price is $24.31 and its 200 day moving average price is $23.63. Independent Bank has a 12-month low of $14.90 and a 12-month high of $27.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be given a $0.24 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.87%. Independent Bank's dividend payout ratio (DPR) is presently 32.65%.

Insider Activity at Independent Bank

In related news, SVP James J. Twarozynski sold 1,500 shares of the business's stock in a transaction on Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the sale, the senior vice president now directly owns 8,366 shares of the company's stock, valued at $209,150. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 5.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC raised its holdings in shares of Independent Bank by 46.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider's stock valued at $53,000 after buying an additional 648 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Independent Bank by 4.8% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 14,747 shares of the financial services provider's stock worth $384,000 after acquiring an additional 677 shares during the period. Swiss National Bank increased its stake in shares of 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. Wedge Capital Management L L P NC increased its stake in shares of Independent Bank by 6.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 21,139 shares of the financial services provider's stock worth $550,000 after acquiring an additional 1,345 shares during the period. Finally, AJOVista LLC acquired a new position in shares of Independent Bank during the fourth quarter worth about $38,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.