Shares of Independent Bank Corporation (NASDAQ:IBCP – Get Free Report) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $33.65 and traded as low as $33.24. Independent Bank shares last traded at $33.31, with a volume of 147,740 shares.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. Piper Sandler cut their price objective on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Monday, April 27th. DA Davidson boosted their price objective on shares of Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.00.
View Our Latest Stock Report on IBCP
Independent Bank Trading Up 0.4%
Independent Bank (NASDAQ:IBCP – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. The business had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.36 million. Equities analysts expect that Independent Bank Corporation will post 3.54 EPS for the current year.
Independent Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, May 4th. Independent Bank’s dividend payout ratio is currently 33.43%.
Institutional Investors Weigh In On Independent Bank
A number of institutional investors have recently modified their holdings of IBCP. Algebris UK Ltd. bought a new stake in shares of Independent Bank during the 4th quarter valued at about $6,943,000. Millennium Management LLC grew its position in shares of Independent Bank by 60.5% during the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after buying an additional 146,646 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Independent Bank by 25.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock valued at $12,293,000 after buying an additional 76,811 shares during the last quarter. Maltese Capital Management LLC grew its position in shares of Independent Bank by 77.9% during the 3rd quarter. Maltese Capital Management LLC now owns 155,000 shares of the financial services provider’s stock valued at $4,801,000 after buying an additional 67,859 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Independent Bank during the 4th quarter valued at about $1,809,000. Institutional investors own 79.43% of the company’s stock.
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.
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