Independent Bank (NASDAQ:IBCP) Reaches New 1-Year High – Time to Buy?

Independent Bank Corporation (NASDAQ:IBCP) reached a new 52-week high during trading on Monday . The company traded as high as $39.24 and last traded at $38.9080, with a volume of 7493 shares traded. The stock had previously closed at $38.20.

Analysts Set New Price Targets

A number of research firms recently weighed in on IBCP. Hovde Group raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price target for the company from $36.00 to $41.00 in a report on Friday, July 10th. Piper Sandler increased their target price on Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. DA Davidson increased their target price on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Keefe, Bruyette & Woods raised their target price on Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a report on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Independent Bank presently has an average rating of “Hold” and an average price target of $39.50.

Independent Bank Price Performance

The stock has a 50-day simple moving average of $35.64 and a 200 day simple moving average of $34.79. The stock has a market capitalization of $791.18 million, a P/E ratio of 11.16 and a beta of 0.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.06. The company had revenue of $63.24 million during the quarter, compared to the consensus estimate of $60.08 million. Independent Bank had a return on equity of 14.31% and a net margin of 22.32%.During the same quarter in the previous year, the company posted $0.81 earnings per share. On average, equities analysts forecast that Independent Bank Corporation will post 3.59 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Tuesday, August 4th. Independent Bank’s dividend payout ratio (DPR) is presently 32.56%.

Insiders Place Their Bets

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,400 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.41, for a total transaction of $48,174.00. Following the transaction, the executive vice president directly owned 64,327 shares in the company, valued at approximately $2,213,492.07. This represents a 2.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.91% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Several institutional investors have recently modified their holdings of IBCP. Y Intercept Hong Kong Ltd lifted its holdings in Independent Bank by 204.6% in the first quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock valued at $2,148,000 after buying an additional 43,332 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Independent Bank by 20.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 181,515 shares of the financial services provider’s stock worth $6,044,000 after acquiring an additional 30,582 shares during the period. Hsbc Holdings PLC grew its holdings in Independent Bank by 68.7% during the 4th quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock worth $1,340,000 after acquiring an additional 16,829 shares during the period. Jefferies Financial Group Inc. bought a new stake in shares of Independent Bank during the 4th quarter valued at $1,809,000. Finally, Algebris UK Ltd. bought a new stake in shares of Independent Bank during the 4th quarter valued at $6,943,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.