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

Independent Bank (NASDAQ:IBCP) had its target price raised by research analysts at Keefe, Bruyette & Woods from $37.00 to $38.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 0.76% from the company’s previous close.

A number of other analysts have also recently commented on IBCP. 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. Hovde Group raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $36.00 to $41.00 in a research report on Friday, July 10th. DA Davidson lifted their price objective on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Tuesday, June 9th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $38.25.

Independent Bank Stock Up 2.9%

Shares of Independent Bank stock traded up $1.06 during trading on Friday, hitting $37.71. The company’s stock had a trading volume of 91,807 shares, compared to its average volume of 172,971. Independent Bank has a 52 week low of $29.63 and a 52 week high of $39.17. The company has a market capitalization of $777.29 million, a PE ratio of 11.27 and a beta of 0.71. The company has a fifty day simple moving average of $35.08 and a two-hundred day simple moving average of $34.57. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.84 by $0.06. The business had revenue of $63.24 million for the quarter, compared to analyst estimates of $60.08 million. Independent Bank had a net margin of 22.02% and a return on equity of 14.15%. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Equities research analysts predict that Independent Bank will post 3.55 earnings per share for the current year.

Insider Activity at Independent Bank

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the 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 sale, the executive vice president owned 64,327 shares in the company, valued at $2,213,492.07. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.91% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

Several institutional investors have recently added to or reduced their stakes in IBCP. Y Intercept Hong Kong Ltd lifted its holdings in shares of Independent Bank by 204.6% during the first quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock valued at $2,148,000 after purchasing an additional 43,332 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Independent Bank by 68.7% in the 4th quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock worth $1,340,000 after buying an additional 16,829 shares in the last quarter. JPMorgan Chase & Co. raised its position in Independent Bank by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock worth $13,812,000 after buying an additional 24,772 shares during the last quarter. Algebris UK Ltd. bought a new position in Independent Bank during the 4th quarter valued at about $6,943,000. Finally, Jefferies Financial Group Inc. bought a new position in Independent Bank during the 4th quarter valued at about $1,809,000. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Key Independent Bank News

Here are the key news stories impacting Independent Bank this week:

• Positive Sentiment: Independent Bank’s Q2 results topped Wall Street estimates, with EPS of $0.90 versus expectations around $0.84-$0.85 and revenue above forecasts. Article Title
• Positive Sentiment: Net interest income rose year over year and the net interest margin improved to 3.71%, showing the bank is earning more on its core lending business. Article Title
• Positive Sentiment: Loan growth and deposit growth were both solid, and the company also completed its HCB Financial acquisition, which could expand its market presence and future earnings power. Article Title
• Neutral Sentiment: Management said integration of HCB is underway, with full system conversion expected in November, which keeps the acquisition story in focus for the next few months. Article Title
• Negative Sentiment: Higher non-interest expense, a larger provision for credit losses, and a jump in non-performing loans could temper enthusiasm by raising questions about costs and asset quality. Article Title

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.