Independent Bank’s (IBCP) “Neutral” Rating Reaffirmed at DA Davidson

Independent Bank (NASDAQ:IBCP)‘s stock had its “neutral” rating reiterated by research analysts at DA Davidson in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $28.00 price objective on the financial services provider’s stock. DA Davidson’s price target would suggest a potential upside of 12.59% from the stock’s previous close.

Separately, Hovde Group began coverage on shares of Independent Bank in a report on Monday, March 4th. They set a “market perform” rating on the stock.

Independent Bank Trading Down 0.5 %

Shares of Independent Bank stock traded down $0.12 during trading hours on Tuesday, reaching $24.87. 18,907 shares of the company’s stock were exchanged, compared to its average volume of 76,800. The firm has a market capitalization of $520.03 million, a price-to-earnings ratio of 8.46 and a beta of 0.97. The company has a fifty day moving average of $24.31 and a 200-day moving average of $23.63. Independent Bank has a 52-week low of $14.90 and a 52-week high of $27.39. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, SVP James J. Twarozynski sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the completion of the transaction, the senior vice president now owns 8,366 shares in the company, valued at approximately $209,150. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBCP. AJOVista LLC purchased a new stake in shares of Independent Bank during the fourth quarter worth about $38,000. Quadrant Capital Group LLC boosted its holdings in Independent Bank by 46.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 648 shares during the last quarter. Fifth Third Bancorp grew its stake in Independent Bank by 524.2% during the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,730 shares in the last quarter. Quest Partners LLC purchased a new stake in Independent Bank during the 4th quarter worth approximately $79,000. Finally, Denali Advisors LLC acquired a new position in shares of Independent Bank in the 4th quarter valued at approximately $138,000. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

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.