DA Davidson Analysts Cut Earnings Estimates for Independent Bank Co. (NASDAQ:IBCP)

Independent Bank Co. (NASDAQ:IBCP) – Analysts at DA Davidson cut their FY2024 earnings per share estimates for Independent Bank in a note issued to investors on Tuesday, April 30th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $2.96 per share for the year, down from their previous estimate of $3.04. DA Davidson currently has a “Neutral” rating and a $28.00 price target on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $2.95 per share.

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

Independent Bank Stock Up 0.6 %

IBCP stock opened at $25.20 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.32. Independent Bank has a 52 week low of $14.90 and a 52 week high of $27.39. The company has a market cap of $526.93 million, a PE ratio of 8.52 and a beta of 0.97. The business has a 50-day simple moving average of $24.33 and a 200 day simple moving average of $23.70.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Thursday, May 2nd. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Buying and Selling

In other Independent Bank news, SVP James J. Twarozynski sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the sale, the senior vice president now owns 8,366 shares in the company, valued at $209,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its holdings in shares of Independent Bank by 41.3% during the first quarter. BNP Paribas Financial Markets now owns 44,650 shares of the financial services provider’s stock worth $1,132,000 after buying an additional 13,055 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Independent Bank by 12.5% during the first quarter. Principal Financial Group Inc. now owns 270,146 shares of the financial services provider’s stock worth $6,848,000 after buying an additional 29,977 shares in the last quarter. Denali Advisors LLC increased its holdings in shares of Independent Bank by 64.2% during the first quarter. Denali Advisors LLC now owns 8,700 shares of the financial services provider’s stock worth $221,000 after buying an additional 3,400 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of 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 worth $10,483,000 after purchasing an additional 14,669 shares during the last quarter. Finally, Capital Asset Advisory Services LLC acquired a new stake in Independent Bank in the first quarter valued at $248,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.