Research Analysts Set Expectations for IBCP FY2025 Earnings

Independent Bank Co. (NASDAQ:IBCP) – Investment analysts at DA Davidson boosted their FY2025 EPS estimates for Independent Bank in a research note issued to investors on Tuesday, January 28th. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $3.51 per share for the year, up from their prior estimate of $3.12. DA Davidson currently has a “Neutral” rating and a $39.00 price objective on the stock. The consensus estimate for Independent Bank’s current full-year earnings is $3.04 per share.

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $41.00 target price (up previously from $39.00) on shares of Independent Bank in a research note on Friday, January 24th.

Independent Bank Trading Up 1.2 %

Shares of NASDAQ:IBCP opened at $36.38 on Thursday. The business’s 50 day moving average price is $35.93 and its 200-day moving average price is $34.38. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32. The firm has a market capitalization of $759.98 million, a price-to-earnings ratio of 12.37 and a beta of 1.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%.

Institutional Investors Weigh In On Independent Bank

A number of hedge funds have recently modified their holdings of the company. National Bank of Canada FI purchased a new stake in Independent Bank in the 3rd quarter valued at about $26,000. nVerses Capital LLC purchased a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $27,000. Dakota Wealth Management acquired a new stake in Independent Bank in the fourth quarter valued at $203,000. CWM LLC boosted its holdings in Independent Bank by 47.5% in the third 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 purchased a new position in Independent Bank in the third quarter valued at approximately $221,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the acquisition, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 5.45% of the stock is currently owned by corporate insiders.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.86%. The ex-dividend date is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is 32.65%.

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.