Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Independent Bank (NASDAQ:IBCP) Stock

Independent Bank (NASDAQ:IBCP) had its price objective hoisted by analysts at Keefe, Bruyette & Woods from $33.00 to $39.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 3.48% from the company’s previous close.

Independent Bank Stock Performance

Shares of NASDAQ IBCP remained flat at $37.69 during mid-day trading on Wednesday. The stock had a trading volume of 12,487 shares, compared to its average volume of 94,685. 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 $787.49 million, a PE ratio of 12.77 and a beta of 1.02. The company’s fifty day moving average is $34.90 and its two-hundred day moving average is $31.46. Independent Bank has a fifty-two week low of $22.08 and a fifty-two week high of $40.32.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The company had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period in the prior year, the company posted $0.83 EPS. Research analysts forecast that Independent Bank will post 3.02 earnings per share for the current year.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Christina Keller sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now owns 4,163 shares of the company’s stock, valued at $136,754.55. The trade was a 25.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gavin A. Mohr acquired 800 shares of Independent Bank stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $36.71 per share, with a total value of $29,368.00. Following the acquisition, the executive vice president now 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 disclosure for this purchase can be found here. 5.45% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Independent Bank by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock valued at $27,392,000 after acquiring an additional 12,851 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Independent Bank by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock worth $1,362,000 after acquiring an additional 1,438 shares in the last quarter. Comerica Bank acquired a new stake in shares of Independent Bank in the 1st quarter valued at about $173,000. CWM LLC grew its stake in shares of Independent Bank by 1,729.2% in the 2nd quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after buying an additional 4,029 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Independent Bank during the 2nd quarter valued at about $309,000. 79.43% of the stock is currently owned by 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.