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

Independent Bank Corporation (NASDAQ:IBCP)’s share price gapped down before the market opened on Monday . The stock had previously closed at $37.75, but opened at $36.36. Independent Bank shares last traded at $36.2370, with a volume of 3,062 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have commented on IBCP. Hovde Group upgraded shares of 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 research note on Friday, July 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday, June 9th. Piper Sandler decreased their price objective on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a report on Monday, April 27th. Finally, DA Davidson increased their price objective on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and a consensus price target of $38.33.

Independent Bank Stock Up 0.0%

The firm has a market cap of $752.26 million, a price-to-earnings ratio of 10.90 and a beta of 0.71. The firm’s fifty day moving average is $34.96 and its two-hundred day moving average is $34.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. The firm had revenue of $58.90 million during the quarter, compared to analyst estimates of $60.36 million. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. On average, sell-side analysts expect that Independent Bank Corporation will post 3.55 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be issued a $0.28 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is 33.43%.

Insider Activity

In related news, EVP Stefanie M. Kimball sold 1,400 shares of the firm’s stock in a transaction that occurred on 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 owned 64,327 shares in the company, valued at $2,213,492.07. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.91% of the stock is owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently added to or reduced their stakes in the company. Algebris UK Ltd. acquired a new position in shares of Independent Bank during the 4th quarter valued at $6,943,000. Millennium Management LLC lifted its holdings in shares of Independent Bank by 60.5% in the third 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 period. Goldman Sachs Group Inc. lifted its holdings in shares of Independent Bank by 25.5% in the fourth 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 period. Jefferies Financial Group Inc. bought a new position in Independent Bank during the fourth quarter valued at about $1,809,000. Finally, Qube Research & Technologies Ltd boosted its stake in Independent Bank by 37.0% during the third quarter. Qube Research & Technologies Ltd now owns 176,353 shares of the financial services provider’s stock valued at $5,463,000 after buying an additional 47,652 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.