Independent Bank (NASDAQ:IBCP) Stock Rating Reaffirmed by DA Davidson

Independent Bank (NASDAQ:IBCP)‘s stock had its “neutral” rating reiterated by DA Davidson in a report issued on Tuesday, Benzinga reports. They presently have a $28.00 price target on the financial services provider’s stock. DA Davidson’s price target would indicate a potential upside of 12.59% from the stock’s previous close.

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

Independent Bank Stock Performance

Shares of NASDAQ IBCP traded down $0.12 during midday trading on Tuesday, reaching $24.87. 18,907 shares of the company traded hands, compared to its average volume of 76,800. The company has a market cap of $520.03 million, a price-to-earnings ratio of 8.46 and a beta of 0.97. The stock has a 50-day moving average price of $24.31 and a 200 day moving average price of $23.63. Independent Bank has a 52 week low of $14.90 and a 52 week high of $27.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85.

Insider Buying and Selling

In related news, SVP James J. Twarozynski sold 1,500 shares of Independent Bank stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $25.00, for a total value of $37,500.00. Following the transaction, the senior vice president now owns 8,366 shares of the company’s stock, valued at approximately $209,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.48% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of IBCP. AJOVista LLC purchased a new stake in Independent Bank in the 4th quarter worth about $38,000. Quadrant Capital Group LLC grew its position in Independent Bank by 46.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 648 shares in the last quarter. Fifth Third Bancorp increased its stake in Independent Bank by 524.2% in the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock valued at $54,000 after buying an additional 1,730 shares during the period. Quest Partners LLC purchased a new stake in Independent Bank in the 4th quarter worth approximately $79,000. Finally, Denali Advisors LLC purchased a new position in shares of Independent Bank during the 4th quarter valued at $138,000. 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.