Independent Bank’s (IBCP) Neutral Rating Reaffirmed at DA Davidson

Independent Bank (NASDAQ:IBCP)‘s stock had its “neutral” rating reissued by DA Davidson in a report issued on Friday,Benzinga reports. They presently have a $36.00 price objective on the financial services provider’s stock. DA Davidson’s target price would indicate a potential upside of 12.13% from the company’s current price.

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

Independent Bank Stock Down 2.2%

NASDAQ:IBCP traded down $0.72 during mid-day trading on Friday, reaching $32.11. The stock had a trading volume of 99,117 shares, compared to its average volume of 143,950. The stock has a market cap of $661.06 million, a P/E ratio of 9.79 and a beta of 0.78. The business’s 50 day moving average is $34.88 and its 200 day moving average is $33.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.93 and a quick ratio of 0.92. Independent Bank has a fifty-two week low of $26.75 and a fifty-two week high of $37.39.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.83 by $0.06. The company had revenue of $46.80 million during the quarter, compared to the consensus estimate of $50.52 million. Independent Bank had a net margin of 21.73% and a return on equity of 14.20%. As a group, sell-side analysts predict that Independent Bank will post 3.22 earnings per share for the current year.

Institutional Trading of Independent Bank

Hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new stake in Independent Bank in the 1st quarter worth $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Independent Bank by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock worth $364,000 after buying an additional 464 shares in the last quarter. Millennium Management LLC raised its holdings in Independent Bank by 469.8% in the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock valued at $4,032,000 after acquiring an additional 107,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock worth $9,206,000 after acquiring an additional 12,855 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Independent Bank by 24.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock worth $2,190,000 after purchasing an additional 13,926 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

About Independent Bank

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.