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

Independent Bank (NASDAQ:IBCP) had its price objective dropped by equities research analysts at Piper Sandler from $38.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 17.51% from the company’s previous close.

IBCP has been the topic of a number of other reports. DA Davidson raised their price target on Independent Bank from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Friday.

Independent Bank Stock Performance

NASDAQ IBCP traded down $0.41 during trading hours on Monday, reaching $30.64. The company’s stock had a trading volume of 14,556 shares, compared to its average volume of 107,557. 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 business has a 50-day simple moving average of $31.03 and a 200 day simple moving average of $34.04. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32. The stock has a market cap of $642.51 million, a PE ratio of 9.71 and a beta of 0.85.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The company had revenue of $54.11 million for the quarter, compared to analysts’ expectations of $46.25 million. Independent Bank had a return on equity of 15.43% and a net margin of 20.67%. Equities research analysts predict that Independent Bank will post 3.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the business. SummerHaven Investment Management LLC lifted its stake in Independent Bank by 1.4% during the first quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider’s stock valued at $893,000 after purchasing an additional 395 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Independent Bank by 69.5% during the 1st quarter. SG Americas Securities LLC now owns 25,324 shares of the financial services provider’s stock valued at $780,000 after acquiring an additional 10,384 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Independent Bank by 23.8% in the 1st quarter. Wedge Capital Management L L P NC now owns 24,129 shares of the financial services provider’s stock worth $743,000 after acquiring an additional 4,643 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Independent Bank by 51,388.9% during the first quarter. GAMMA Investing LLC now owns 9,268 shares of the financial services provider’s stock worth $301,000 after purchasing an additional 9,250 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of Independent Bank by 408.6% during the first 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. 79.43% of the stock is owned by institutional investors and hedge funds.

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.