Independent Bank (NASDAQ:IBCP) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Independent Bank (NASDAQ:IBCPGet Rating) from a hold rating to a buy rating in a research note issued to investors on Friday.

Independent Bank stock opened at $19.11 on Friday. The stock has a market cap of $402.27 million, a price-to-earnings ratio of 7.05 and a beta of 1.00. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $21.66 and its two-hundred day moving average price is $23.09. Independent Bank has a 52 week low of $18.81 and a 52 week high of $26.00.

Independent Bank (NASDAQ:IBCPGet Rating) last released its earnings results on Tuesday, April 26th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.50 by $0.34. Independent Bank had a net margin of 28.08% and a return on equity of 15.18%. During the same quarter in the previous year, the business posted $1.00 EPS. Research analysts expect that Independent Bank will post 2.51 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 16th. Stockholders of record on Thursday, May 5th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, May 4th. This represents a $0.88 annualized dividend and a dividend yield of 4.60%. Independent Bank’s dividend payout ratio is currently 32.47%.

In other Independent Bank news, Director Dennis W. Archer, Jr. acquired 2,000 shares of the stock in a transaction dated Thursday, April 28th. The shares were bought at an average price of $20.16 per share, with a total value of $40,320.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $100,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Ancora Advisors LLC purchased a new position in shares of Independent Bank in the first quarter worth approximately $1,000,000. Charles Schwab Investment Management Inc. increased its position in shares of Independent Bank by 6.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 54,825 shares of the financial services provider’s stock worth $1,207,000 after acquiring an additional 3,370 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Independent Bank by 2.6% in the first quarter. Vanguard Group Inc. now owns 1,066,910 shares of the financial services provider’s stock worth $23,471,000 after acquiring an additional 26,774 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Independent Bank by 9.3% in the first quarter. Dimensional Fund Advisors LP now owns 705,310 shares of the financial services provider’s stock worth $15,518,000 after acquiring an additional 59,782 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of Independent Bank by 6.1% in the first quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider’s stock worth $60,089,000 after acquiring an additional 156,812 shares in the last quarter. 79.61% of the stock is currently owned by institutional investors and hedge funds.

About Independent Bank (Get Rating)

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.

Featured Articles

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.