Independent Bank Price Target Increased to $39.00 by DA Davidson

Analysts at DA Davidson have recently raised their target price for Independent Bank (NASDAQ: IBCP) from $37.00 to $39.00. This adjustment was outlined in a research note sent to investors on Tuesday. DA Davidson has maintained a "neutral" rating on the stock, indicating a cautious outlook.

The newly set price target suggests a potential upside of about 8.72% based on the bank's last closing price. This move reflects the analysts' optimistic but restrained view of the bank's short-term prospects.

Market Reactions

On the same day, shares of Independent Bank saw a slight increase, trading up by $0.23 to reach $35.87. The trading volume for the stock was reported at 10,376 shares, which is below its average volume of 147,372 shares. The bank's 50-day moving average stands at $36.00, while its two-hundred-day moving average is $34.30. Over the last year, the stock has experienced a low of $22.53 and a high of $40.32, positioning it with a market capitalization of approximately $749.35 million.

Financial Metrics

Independent Bank has reported a price-to-earnings ratio of 12.20 and a beta of 1.03, reflecting a consistent performance. Additionally, the bank's financial structure shows a debt-to-equity ratio of 0.18, as well as both quick and current ratios of 0.88, indicating a stable liquidity condition.

Latest Earnings Report

In its latest earnings update dated January 23rd, Independent Bank posted an earnings per share (EPS) of $0.87, surpassing the consensus estimates of $0.77 by $0.10. The bank reported a net margin of 19.93% and a return on equity of 15.26%. Analysts forecast that the bank will achieve an EPS of 3.04 for the current fiscal year.

Insider Transactions

In another update regarding corporate activities, EVP Gavin A. Mohr purchased 800 shares of the bank's stock on November 20th, buying at an average price of $36.71 per share for a total investment of $29,368. Following this transaction, Mohr holds a total of 18,662 shares, which are now valued at $685,082.02. This purchase represents a 4.48% increase in his ownership stake in the bank. Such developments have been disclosed through a regulatory filing.

Institutional Holdings

Recent changes in holdings by institutional investors reveal that 79.43% of Independent Bank's shares are held by such entities. National Bank of Canada FI initiated a new stake worth approximately $26,000 during the third quarter, while nVerses Capital LLC similarly entered the bank's shareholder list with an investment around $27,000. Other notable investors include Dakota Wealth Management and CWM LLC, which both acquired positions recently, reflecting a growing interest in the bank.

About Independent Bank

Independent Bank Corporation functions as the bank holding company for Independent Bank, providing a range of commercial banking services to individuals and businesses, particularly in rural and suburban areas of Michigan. Services include checking and savings accounts, commercial loans, consumer financing, mortgage lending, and safe deposit box solutions.

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