DA Davidson Predicts Stronger Earnings for Independent Bank

Independent Bank Co. (NASDAQ:IBCP) – Equities research analysts at DA Davidson raised their FY2025 EPS estimates for Independent Bank in a research note issued on Tuesday, January 28th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $3.51 per share for the year, up from their previous forecast of $3.12. DA Davidson has a “Neutral” rating and a $39.00 price objective on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $3.04 per share.

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Stock Performance

Shares of NASDAQ:IBCP opened at $36.38 on Thursday. The firm has a fifty day simple moving average of $35.93 and a two-hundred day simple moving average of $34.38. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $759.98 million, a P/E ratio of 12.37 and a beta of 1.03. Independent Bank has a 52 week low of $22.53 and a 52 week high of $40.32.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in shares of Independent Bank by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock valued at $26,603,000 after buying an additional 10,193 shares during the last quarter. Sei Investments Co. lifted its position in Independent Bank by 21.4% during the 2nd quarter. Sei Investments Co. now owns 16,624 shares of the financial services provider’s stock worth $449,000 after acquiring an additional 2,928 shares during the period. AQR Capital Management LLC increased its holdings in shares of Independent Bank by 75.8% in the second quarter. AQR Capital Management LLC now owns 174,011 shares of the financial services provider’s stock valued at $4,698,000 after purchasing an additional 75,022 shares during the period. Creative Planning raised its position in Independent Bank by 5.4% during the 2nd quarter. Creative Planning now owns 43,174 shares of the financial services provider’s stock worth $1,166,000 after buying an additional 2,209 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Independent Bank by 8.4% during the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 1,100 shares during the period. Institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling

In other news, EVP Gavin A. Mohr acquired 800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, for a total transaction 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 $685,082.02. The trade was a 4.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.45% of the stock is currently owned by insiders.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.86%. Independent Bank’s dividend payout ratio is currently 32.65%.

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.