DA Davidson Boosts Earnings Estimates for Independent Bank

Independent Bank Co. (NASDAQ:IBCP) – Stock analysts at DA Davidson lifted their FY2025 earnings per share estimates for shares of Independent Bank in a research report issued to clients and investors on Tuesday, January 28th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $3.51 per share for the year, up from their previous estimate 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 reaffirmed a “market perform” rating and set a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Stock Performance

IBCP stock opened at $35.95 on Thursday. The company has a 50 day moving average price of $35.95 and a 200 day moving average price of $34.37. Independent Bank has a fifty-two week low of $22.53 and a fifty-two week high of $40.32. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $751.00 million, a PE ratio of 12.23 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, topping 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 Trading of Independent Bank

Several hedge funds have recently added to or reduced their stakes in IBCP. National Bank of Canada FI acquired a new stake in shares of Independent Bank during the third quarter worth about $26,000. nVerses Capital LLC bought a new position in Independent Bank in the third quarter valued at approximately $27,000. Dakota Wealth Management acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $203,000. CWM LLC increased its position in shares of Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after acquiring an additional 2,025 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in shares of Independent Bank during the third quarter worth $221,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Insider Activity at Independent Bank

In other news, EVP Gavin A. Mohr bought 800 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought 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 owns 18,662 shares in the company, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.45% of the stock is currently owned by corporate insiders.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.89%. Independent Bank’s payout ratio is 32.65%.

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.