Independent Bank (NASDAQ:IBCP) Price Target Raised to $39.00

Independent Bank (NASDAQ:IBCP) had its price objective boosted by research analysts at DA Davidson from $37.00 to $39.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective would indicate a potential upside of 8.48% from the company’s previous close. DA Davidson also issued estimates for Independent Bank’s Q1 2025 earnings at $0.72 EPS.

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $41.00 price objective (up from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Stock Down 0.8 %

IBCP opened at $35.95 on Tuesday. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company’s 50-day moving average is $35.95 and its 200 day moving average is $34.37. The firm has a market capitalization of $751.14 million, a P/E ratio of 12.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. Research analysts expect that Independent Bank will post 3.04 earnings per share for the current fiscal year.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr bought 800 shares of Independent Bank stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FMR LLC grew its stake in Independent Bank by 7.2% in the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after buying an additional 69,504 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Independent Bank by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after acquiring an additional 10,193 shares in the last quarter. State Street Corp increased its stake in Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock valued at $21,597,000 after acquiring an additional 29,475 shares during the last quarter. Geode Capital Management LLC raised its position in Independent Bank by 0.4% during the third quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after purchasing an additional 1,831 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after purchasing an additional 77,874 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors.

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.