Independent Bank (NASDAQ:IBCP) Shares Gap Down – What’s Next?

Independent Bank Co. (NASDAQ:IBCP) gapped down before the market opened on Thursday . The stock had previously closed at $31.28, but opened at $30.06. Independent Bank shares last traded at $30.57, with a volume of 9,541 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Friday. DA Davidson upped their target price on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th.

Independent Bank Trading Up 0.5 %

The firm has a market cap of $651.00 million, a PE ratio of 9.82 and a beta of 0.85. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50-day moving average price of $31.03 and a two-hundred day moving average price of $34.02.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. The firm had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. Analysts forecast that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Monday, May 5th. Independent Bank’s dividend payout ratio (DPR) is presently 32.91%.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the stock. PL Capital Advisors LLC increased its position in Independent Bank by 3,383.0% during the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider’s stock worth $386,970,000 after purchasing an additional 10,791,263 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Independent Bank by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider’s stock worth $42,448,000 after purchasing an additional 25,756 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Independent Bank by 11.5% during the fourth quarter. American Century Companies Inc. now owns 523,614 shares of the financial services provider’s stock worth $18,237,000 after buying an additional 53,938 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Independent Bank by 0.4% in 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 buying an additional 1,831 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Independent Bank by 15.3% during the fourth quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider’s stock valued at $15,593,000 after buying an additional 59,339 shares during the period. 79.43% of the stock is owned by institutional investors and hedge funds.

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.