Piper Sandler Lowers Independent Bank (NASDAQ:IBCP) Price Target to $36.00

Independent Bank (NASDAQ:IBCP - Free Report) had its target price lowered by Piper Sandler from $38.00 to $36.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider's stock.

IBCP has been the topic of several other research reports. DA Davidson lifted their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a report on Friday, April 25th.

Independent Bank Price Performance

Independent Bank stock traded up $0.21 during mid-day trading on Monday, hitting $30.67. The stock had a trading volume of 135,138 shares, compared to its average volume of 108,304. Independent Bank has a one year low of $22.53 and a one year high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $643.24 million, a P/E ratio of 9.71 and a beta of 0.85. The firm's 50 day moving average is $30.76 and its 200 day moving average is $33.96.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.04. The firm had revenue of $54.11 million during the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. On average, sell-side analysts forecast that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Insider Transactions at Independent Bank

In other news, Director Michael M. Magee, Jr. sold 6,404 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total transaction of $198,524.00. Following the sale, the director now directly owns 8,381 shares in the company, valued at approximately $259,811. This represents a 43.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its stake in shares of Independent Bank by 408.6% in the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 715 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in Independent Bank during the fourth quarter worth $42,000. Tower Research Capital LLC TRC increased its position in Independent Bank by 246.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 1,024 shares during the last quarter. Quantbot Technologies LP bought a new position in Independent Bank during the fourth quarter valued at $58,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Independent Bank in the fourth quarter valued at $59,000. 79.43% of the stock is owned by 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.