DA Davidson Reaffirms Neutral Rating for Independent Bank (NASDAQ:IBCP)

Independent Bank (NASDAQ:IBCP)‘s stock had its “neutral” rating restated by research analysts at DA Davidson in a research note issued on Friday,Benzinga reports. They presently have a $36.00 target price on the financial services provider’s stock. DA Davidson’s price target would suggest a potential upside of 12.57% from the stock’s current price.

IBCP has been the subject of a number of other research reports. Piper Sandler upped their target price on shares of Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, January 26th. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $36.67.

Independent Bank Stock Down 2.6%

NASDAQ IBCP opened at $31.98 on Friday. Independent Bank has a 12 month low of $26.75 and a 12 month high of $37.39. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.23. The stock has a market cap of $658.47 million, a PE ratio of 9.75 and a beta of 0.78. The stock’s 50 day moving average is $34.86 and its 200 day moving average is $33.09.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. The business had revenue of $46.80 million during the quarter, compared to analyst estimates of $50.52 million. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. Research analysts predict that Independent Bank will post 3.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its position in Independent Bank by 4.5% in the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock worth $21,381,000 after purchasing an additional 28,516 shares during the last quarter. American Century Companies Inc. lifted its position in Independent Bank by 8.1% during the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after purchasing an additional 48,301 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Independent Bank by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 544,084 shares of the financial services provider’s stock worth $17,637,000 after buying an additional 18,463 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Independent Bank by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after buying an additional 24,772 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Independent Bank by 60.5% in the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock worth $12,056,000 after buying an additional 146,646 shares during the last quarter. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.