Independent Bank Co. (NASDAQ:IBCP) Forecasted to Post FY2024 Earnings of $2.96 Per Share

Independent Bank Co. (NASDAQ:IBCP) – Investment analysts at DA Davidson decreased their FY2024 earnings per share (EPS) estimates for shares of Independent Bank in a report issued on Tuesday, April 30th. DA Davidson analyst P. Winter now expects that the financial services provider will earn $2.96 per share for the year, down from their prior forecast of $3.04. DA Davidson currently has a “Neutral” rating and a $28.00 target price on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $2.99 per share.

Separately, Hovde Group assumed coverage on Independent Bank in a report on Monday, March 4th. They issued a “market perform” rating on the stock.

Independent Bank Price Performance

Shares of IBCP opened at $25.04 on Thursday. The company has a market capitalization of $523.59 million, a price-to-earnings ratio of 8.52 and a beta of 0.97. Independent Bank has a fifty-two week low of $14.90 and a fifty-two week high of $27.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85. The business’s 50-day moving average is $24.31 and its 200-day moving average is $23.68.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.83%. Independent Bank’s payout ratio is 32.65%.

Insider Activity at Independent Bank

In related news, SVP James J. Twarozynski sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the sale, the senior vice president now owns 8,366 shares of the company’s stock, valued at approximately $209,150. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Large investors have recently added to or reduced their stakes in the stock. Swiss National Bank boosted its position in Independent Bank by 2.2% during the third quarter. Swiss National Bank now owns 46,500 shares of the financial services provider’s stock worth $853,000 after purchasing an additional 1,000 shares during the period. Fifth Third Bancorp boosted its position in Independent Bank by 524.2% during the fourth quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 1,730 shares during the period. Assenagon Asset Management S.A. boosted its position in Independent Bank by 31.5% during the third quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock worth $3,495,000 after purchasing an additional 45,617 shares during the period. FMR LLC boosted its position in Independent Bank by 12.8% during the third quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after purchasing an additional 87,852 shares during the period. Finally, Denali Advisors LLC bought a new stake in Independent Bank during the fourth quarter worth approximately $138,000. Institutional investors own 79.43% of the company’s stock.

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.