Independent Bank (NASDAQ:IBCP) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Independent Bank (NASDAQ:IBCPFree Report) to a hold rating in a report released on Tuesday, Zacks.com reports.

IBCP has been the topic of a number of other reports. DA Davidson reiterated a neutral rating and issued a $28.00 price target on shares of Independent Bank in a report on Tuesday, April 30th. Hovde Group started coverage on shares of Independent Bank in a report on Monday, March 4th. They issued a market perform rating for the company.

View Our Latest Analysis on IBCP

Independent Bank Stock Performance

Shares of NASDAQ:IBCP opened at $24.23 on Tuesday. The firm’s 50 day simple moving average is $24.83 and its 200-day simple moving average is $24.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.87 and a current ratio of 0.87. Independent Bank has a one year low of $16.45 and a one year high of $27.39. The firm has a market cap of $506.46 million, a PE ratio of 8.24 and a beta of 0.99.

Independent Bank (NASDAQ:IBCPGet Free Report) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.11. The business had revenue of $52.76 million during the quarter, compared to analyst estimates of $51.50 million. Independent Bank had a return on equity of 16.55% and a net margin of 20.45%. As a group, equities analysts predict that Independent Bank will post 2.95 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 13th. Investors of record on Friday, May 3rd were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date was Thursday, May 2nd. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, SVP James J. Twarozynski sold 1,500 shares of Independent Bank stock in a transaction on Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the completion of the sale, the senior vice president now directly owns 8,366 shares in the company, valued at $209,150. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction on 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 directly owns 8,366 shares of the company’s stock, valued at $209,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stefanie M. Kimball sold 1,700 shares of Independent Bank stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total transaction of $41,633.00. Following the completion of the transaction, the executive vice president now directly owns 61,784 shares of the company’s stock, valued at approximately $1,513,090.16. The disclosure for this sale can be found here. 5.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Independent Bank by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock worth $27,392,000 after buying an additional 12,851 shares during the period. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 977,832 shares of the financial services provider’s stock worth $25,444,000 after acquiring an additional 13,962 shares in the last quarter. FMR LLC raised its position in Independent Bank by 12.8% during the third quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after acquiring an additional 87,852 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Independent Bank by 3.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 413,540 shares of the financial services provider’s stock valued at $10,483,000 after purchasing an additional 14,669 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Independent Bank by 52.0% in the first quarter. Acadian Asset Management LLC now owns 331,483 shares of the financial services provider’s stock valued at $8,399,000 after purchasing an additional 113,408 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

About Independent Bank

(Get Free Report)

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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