Independent Bank (NASDAQ:IBCP – Get Free Report)‘s stock had its “neutral” rating reaffirmed by stock analysts at DA Davidson in a research note issued on Tuesday, Benzinga reports. They currently have a $28.00 target price on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 11.82% from the company’s previous close. DA Davidson also issued estimates for Independent Bank’s Q2 2024 earnings at $0.72 EPS and FY2025 earnings at $3.06 EPS.
Separately, Hovde Group started coverage on shares of Independent Bank in a report on Monday, March 4th. They issued a “market perform” rating on the stock.
View Our Latest Research Report on IBCP
Independent Bank Price Performance
Insider Buying and Selling
In related news, SVP James J. Twarozynski sold 1,500 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the sale, the senior vice president now directly owns 8,366 shares in the company, valued at $209,150. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.48% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank grew its position in Independent Bank by 2.2% in the third quarter. Swiss National Bank now owns 46,500 shares of the financial services provider’s stock valued at $853,000 after purchasing an additional 1,000 shares in the last quarter. Fifth Third Bancorp grew its position in Independent Bank by 524.2% in the fourth quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,730 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Independent Bank by 31.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock valued at $3,495,000 after acquiring an additional 45,617 shares during the period. FMR LLC grew its position in shares of Independent Bank by 12.8% in the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock valued at $14,193,000 after acquiring an additional 87,852 shares during the period. Finally, Denali Advisors LLC bought a new position in shares of Independent Bank in the 4th quarter valued at about $138,000. Institutional investors own 79.43% of the company’s stock.
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.
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