Independent Bank (NASDAQ:IBCP) Receives New Coverage from Analysts at Hovde Group

Hovde Group began coverage on shares of Independent Bank (NASDAQ:IBCPFree Report) in a research report report published on Monday, StockNewsAPI reports. The brokerage issued a market perform rating on the financial services provider’s stock.

Independent Bank Stock Down 0.4 %

IBCP stock opened at $24.25 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.34. The business’s 50-day simple moving average is $25.21 and its 200 day simple moving average is $22.02. The company has a market cap of $505.37 million, a PE ratio of 8.69 and a beta of 0.97. Independent Bank has a twelve month low of $14.90 and a twelve month high of $27.39.

Independent Bank (NASDAQ:IBCPGet Free Report) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. The company had revenue of $49.21 million for the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a return on equity of 16.62% and a net margin of 20.34%. On average, research analysts anticipate that Independent Bank will post 2.89 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were issued a $0.24 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Friday, February 2nd. Independent Bank’s payout ratio is presently 34.41%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Swiss National Bank raised its position in Independent Bank by 4.4% in the 1st quarter. Swiss National Bank now owns 47,800 shares of the financial services provider’s stock worth $1,052,000 after purchasing an additional 2,000 shares during the last quarter. American Century Companies Inc. raised its position in Independent Bank by 28.6% in the 1st quarter. American Century Companies Inc. now owns 101,773 shares of the financial services provider’s stock worth $2,239,000 after purchasing an additional 22,663 shares during the last quarter. HighTower Advisors LLC raised its position in Independent Bank by 11.0% in the 1st quarter. HighTower Advisors LLC now owns 19,073 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 1,888 shares during the last quarter. MetLife Investment Management LLC raised its position in Independent Bank by 44.8% in the 1st quarter. MetLife Investment Management LLC now owns 10,680 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 3,305 shares during the last quarter. Finally, BlackRock Inc. raised its position in Independent Bank by 6.1% in the 1st quarter. BlackRock Inc. now owns 2,731,307 shares of the financial services provider’s stock worth $60,089,000 after purchasing an additional 156,812 shares during the last quarter. 78.80% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

(Get Free Report)

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 across Lower Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.

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