Independent Bank (NASDAQ:IBCP) Sets New 12-Month High – Here’s Why

Independent Bank Corporation (NASDAQ:IBCP)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $37.19 and last traded at $37.0150, with a volume of 7551 shares trading hands. The stock had previously closed at $36.32.

Analysts Set New Price Targets

A number of analysts recently issued reports on IBCP shares. Piper Sandler raised their price objective on shares of Independent Bank from $36.00 to $39.00 and gave the stock a “neutral” rating in a 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 research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.00.

Independent Bank Price Performance

The stock has a market cap of $762.01 million, a P/E ratio of 11.23 and a beta of 0.80. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.09. The business’s 50-day simple moving average is $33.87 and its two-hundred day simple moving average is $32.36.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data 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. Independent Bank had a net margin of 21.73% and a return on equity of 14.41%. The company had revenue of $46.80 million during the quarter, compared to the consensus estimate of $50.52 million. Sell-side analysts expect that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Tuesday, February 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, February 3rd. This is a positive change from Independent Bank’s previous quarterly dividend of $0.26. Independent Bank’s dividend payout ratio is presently 31.71%.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hudson Edge Investment Partners Inc. increased its holdings in Independent Bank by 0.9% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider’s stock worth $1,127,000 after acquiring an additional 318 shares during the period. CWM LLC increased its holdings in shares of Independent Bank by 5.2% in the second quarter. CWM LLC now owns 6,828 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 340 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 valued at $364,000 after buying an additional 464 shares during the period. Wedge Capital Management L L P NC grew its position in Independent Bank by 1.9% during the fourth quarter. Wedge Capital Management L L P NC now owns 26,171 shares of the financial services provider’s stock worth $851,000 after buying an additional 495 shares in the last quarter. Finally, Intech Investment Management LLC increased its stake in Independent Bank by 6.1% in the 3rd quarter. Intech Investment Management LLC now owns 10,568 shares of the financial services provider’s stock worth $327,000 after acquiring an additional 611 shares during the last quarter. 79.43% of the stock is currently 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.