DA Davidson Forecasts Strong Price Appreciation for Independent Bank (NASDAQ:IBCP) Stock

Independent Bank (NASDAQ:IBCP) had its price target boosted by analysts at DA Davidson from $37.00 to $39.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s target price would suggest a potential upside of 8.48% from the stock’s current price. DA Davidson also issued estimates for Independent Bank’s Q1 2025 earnings at $0.72 EPS.

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $41.00 price objective (up from $39.00) on shares of Independent Bank in a report on Friday, January 24th.

Independent Bank Price Performance

Shares of IBCP opened at $35.95 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a market cap of $751.14 million, a PE ratio of 12.23 and a beta of 1.03. Independent Bank has a 12-month low of $22.53 and a 12-month high of $40.32. The business has a 50-day simple moving average of $35.95 and a two-hundred day simple moving average of $34.37.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating 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%. Analysts anticipate that Independent Bank will post 3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the purchase, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. National Bank of Canada FI acquired a new position in Independent Bank during the 3rd quarter worth approximately $26,000. nVerses Capital LLC bought a new position in shares of Independent Bank in the 3rd quarter worth $27,000. Dakota Wealth Management acquired a new stake in Independent Bank in the 4th quarter valued at $203,000. CWM LLC increased its stake in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 2,025 shares in the last quarter. Finally, Zacks Investment Management acquired a new position in Independent Bank during the third quarter worth $221,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

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.