Independent Bank (NASDAQ:IBCP) Reaches New 12-Month High – Here’s What Happened

Shares of Independent Bank Corporation (NASDAQ:IBCP) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $39.17 and last traded at $34.13, with a volume of 114439 shares changing hands. The stock had previously closed at $34.36.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on IBCP shares. Piper Sandler dropped their price target on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, April 27th. DA Davidson upped their price target on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.00.

Independent Bank Stock Down 0.7%

The stock has a market capitalization of $703.42 million, a price-to-earnings ratio of 10.19 and a beta of 0.71. The business has a fifty day moving average of $33.60 and a 200 day moving average of $33.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%.The firm had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.36 million. As a group, equities analysts predict that Independent Bank Corporation will post 3.54 earnings per share for the current year.

Independent Bank Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Independent Bank by 4.5% during the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock worth $21,381,000 after purchasing an additional 28,516 shares in the last quarter. American Century Companies Inc. lifted its stake in Independent Bank by 8.1% during the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock worth $19,934,000 after purchasing an additional 48,301 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Independent Bank by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after purchasing an additional 24,772 shares in the last quarter. Millennium Management LLC lifted its stake in Independent Bank by 60.5% during the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock worth $12,056,000 after purchasing an additional 146,646 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Independent Bank by 25.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock worth $12,293,000 after purchasing an additional 76,811 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.