Independent Bank Co. (NASDAQ:IBCP) to Post Q2 2024 Earnings of $0.72 Per Share, DA Davidson Forecasts

Independent Bank Co. (NASDAQ:IBCP) – Stock analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Independent Bank in a report released on Tuesday, April 30th. DA Davidson analyst P. Winter forecasts that the financial services provider will post earnings of $0.72 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $28.00 target price on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $2.99 per share. DA Davidson also issued estimates for Independent Bank’s FY2025 earnings at $3.06 EPS.

Separately, Hovde Group initiated coverage on shares of Independent Bank in a research report on Monday, March 4th. They issued a “market perform” rating on the stock.

Independent Bank Stock Performance

Independent Bank stock opened at $25.04 on Wednesday. The stock has a 50-day simple moving average of $24.32 and a 200 day simple moving average of $23.69. The stock has a market capitalization of $523.59 million, a P/E ratio of 8.52 and a beta of 0.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.86. Independent Bank has a 52 week low of $14.90 and a 52 week high of $27.39.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 13th. Shareholders of record on Friday, May 3rd will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.83%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Buying and Selling at Independent Bank

In related news, SVP James J. Twarozynski sold 1,500 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the completion of the sale, the senior vice president now owns 8,366 shares of the company’s stock, valued at $209,150. 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

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Independent Bank by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 977,832 shares of the financial services provider’s stock valued at $25,444,000 after purchasing an additional 13,962 shares in the last quarter. FMR LLC lifted its position in shares of Independent Bank by 12.8% during the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after buying an additional 87,852 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Independent Bank by 3.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 413,540 shares of the financial services provider’s stock valued at $10,483,000 after buying an additional 14,669 shares in the last quarter. Principal Financial Group Inc. grew its position in Independent Bank by 12.5% in the first quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock valued at $6,848,000 after acquiring an additional 29,977 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Independent Bank by 10.1% during the third quarter. American Century Companies Inc. now owns 234,147 shares of the financial services provider’s stock worth $4,294,000 after acquiring an additional 21,567 shares in the last quarter. 79.43% of the stock is owned by institutional investors.

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.