Independent Bank’s (IBCP) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their market perform rating on shares of Independent Bank (NASDAQ:IBCP) in a research note issued to investors on Friday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a $41.00 target price on the financial services provider’s stock, up from their prior target price of $39.00.

Independent Bank Trading Up 1.0 %

NASDAQ:IBCP opened at $35.60 on Friday. The company has a 50-day moving average price of $36.02 and a 200-day moving average price of $34.25. Independent Bank has a 12 month low of $22.53 and a 12 month high of $40.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $743.68 million, a price-to-earnings ratio of 12.11 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. Equities analysts predict that Independent Bank will post 3.04 EPS for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.92%. Independent Bank’s payout ratio is 32.65%.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI bought a new stake in Independent Bank during the third quarter valued at approximately $26,000. nVerses Capital LLC bought a new stake in Independent Bank during the third quarter valued at approximately $27,000. Dakota Wealth Management bought a new position in shares of Independent Bank in the fourth quarter worth approximately $203,000. CWM LLC boosted its position in shares of Independent Bank by 47.5% in the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 2,025 shares during the period. Finally, Zacks Investment Management bought a new position in shares of Independent Bank in the third quarter worth approximately $221,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

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.