Keefe, Bruyette & Woods Reiterates Market Perform Rating for Independent Bank (NASDAQ:IBCP)

Independent Bank (NASDAQ:IBCP)‘s stock had its “market perform” rating restated by equities researchers at Keefe, Bruyette & Woods in a research note issued to investors on Friday,Benzinga reports. They presently have a $41.00 price objective on the financial services provider’s stock, up from their previous price objective of $39.00. Keefe, Bruyette & Woods’ target price indicates a potential upside of 15.17% from the company’s previous close.

Independent Bank Stock Up 1.0 %

IBCP stock opened at $35.60 on Friday. The firm’s fifty day moving average is $36.02 and its 200 day moving average is $34.19. The firm has a market cap of $743.83 million, a PE ratio of 12.11 and a beta of 1.03. Independent Bank has a one year low of $22.53 and a one year high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. On average, research analysts forecast that Independent Bank will post 3.04 EPS for the current year.

Insider Buying and Selling at Independent Bank

In other news, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the acquisition, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.45% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IBCP. HighTower Advisors LLC lifted its stake in shares of Independent Bank by 1.5% in the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock valued at $889,000 after purchasing an additional 384 shares during the last quarter. National Bank of Canada FI acquired a new position in Independent Bank in the third quarter valued at about $26,000. nVerses Capital LLC purchased a new position in Independent Bank during the third quarter worth about $27,000. Truist Financial Corp increased its position in shares of Independent Bank by 8.4% during the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Independent Bank by 3.9% in the 3rd quarter. Franklin Resources Inc. now owns 32,756 shares of the financial services provider’s stock valued at $1,095,000 after acquiring an additional 1,217 shares during the period. 79.43% of the stock is currently 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.