Independent Bank (NASDAQ:IBCP) Receives “Market Perform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of Independent Bank (NASDAQ:IBCP) in a report released on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a $41.00 price target on the financial services provider’s stock, up from their prior price target of $39.00.

Independent Bank Stock Performance

IBCP opened at $35.60 on Friday. The firm’s fifty day simple moving average is $36.02 and its two-hundred day simple moving average is $34.14. Independent Bank has a 52-week low of $22.53 and a 52-week high of $40.32. The company has a market cap of $743.68 million, a price-to-earnings ratio of 12.11 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. Equities analysts anticipate that Independent Bank will post 3.04 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, February 4th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.92%. Independent Bank’s dividend payout ratio (DPR) is 32.65%.

Insider Transactions at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated Wednesday, November 20th. The stock was acquired at an average cost of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. The trade was a 4.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.45% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Several hedge funds have recently added to or reduced their stakes in the stock. FMR LLC grew its position in shares of Independent Bank by 7.2% in the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock valued at $34,510,000 after buying an additional 69,504 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Independent Bank by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after purchasing an additional 10,193 shares during the last quarter. State Street Corp increased its position in shares of Independent Bank by 4.8% during the third quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after purchasing an additional 29,475 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Independent Bank by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after purchasing an additional 1,831 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock valued at $11,660,000 after purchasing an additional 77,874 shares during the period. 79.43% of the stock is currently 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.