Independent Bank (NASDAQ:IBCP) Given New $37.00 Price Target at Piper Sandler

Independent Bank (NASDAQ:IBCP) had its price target reduced by Piper Sandler from $39.00 to $37.00 in a report issued on Monday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on IBCP. DA Davidson boosted their target price on shares of Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Monday. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 12th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $37.00.

Independent Bank Trading Up 0.2%

NASDAQ:IBCP opened at $33.51 on Monday. Independent Bank has a 12 month low of $29.63 and a 12 month high of $37.39. The firm has a market cap of $689.97 million, a price-to-earnings ratio of 10.00 and a beta of 0.76. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average is $34.14 and its 200-day moving average is $33.49.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. Independent Bank had a net margin of 22.02% and a return on equity of 14.32%. The business had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.36 million. Equities analysts anticipate that Independent Bank will post 3.51 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Monday, May 4th will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a yield of 3.3%. Independent Bank’s payout ratio is currently 33.43%.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its stake in Independent Bank by 2,062.9% during the second quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock worth $25,000 after buying an additional 722 shares in the last quarter. Larson Financial Group LLC acquired a new stake in Independent Bank during the fourth quarter worth $26,000. Aster Capital Management DIFC Ltd acquired a new stake in Independent Bank during the fourth quarter worth $27,000. State of Alaska Department of Revenue acquired a new stake in Independent Bank during the third quarter worth $25,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Independent Bank during the fourth quarter worth $29,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.