Independent Bank (NASDAQ:IBCP) Reaches New 12-Month High – Still a Buy?

Independent Bank Corporation (NASDAQ:IBCP) reached a new 52-week high on Wednesday . The stock traded as high as $39.17 and last traded at $34.13, with a volume of 114439 shares trading hands. The stock had previously closed at $34.36.

Analyst Ratings Changes

Several equities research analysts recently weighed in on IBCP shares. Piper Sandler dropped their price target on Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. DA Davidson lifted their price target on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $37.00.

Independent Bank Stock Up 0.5%

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $33.63 and a 200 day simple moving average of $33.86. The firm has a market capitalization of $707.20 million, a P/E ratio of 10.24 and a beta of 0.71.

Independent Bank (NASDAQ:IBCP) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.79 by $0.02. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%.The business had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.36 million. On average, equities analysts expect that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were paid a $0.28 dividend. The ex-dividend date was Monday, May 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.3%. Independent Bank’s payout ratio is currently 33.43%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. State Street Corp raised its stake in shares of Independent Bank by 4.5% in the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock worth $21,381,000 after purchasing an additional 28,516 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Independent Bank by 8.1% in the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock worth $19,934,000 after purchasing an additional 48,301 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Independent Bank by 5.9% in the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after purchasing an additional 24,772 shares during the last quarter. Millennium Management LLC raised its stake 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 worth $12,056,000 after purchasing an additional 146,646 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake 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 worth $12,293,000 after purchasing an additional 76,811 shares during the last quarter. Hedge funds and other institutional investors 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.