Dimensional Fund Advisors LP recently announced the acquisition of new stake in Independent Bank Corporation (NASDAQ:IBCP). The institutional investor has increased its shareholding in the Financial company by 7.11% to 0.84 million shares with purchase of 55537.0 shares. This fresh investment now brings its stake to 3.97% valued currently at $20.02 million. In addition, FIAM LLC raised its holdings by 35750.0 to 0.58 million shares.
With over 0.13 million Independent Bank Corporation (IBCP) shares trading Monday and a closing price of $23.41 on the day, the dollar volume was approximately $3.08 million. The shares have shown a positive half year performance of 16.99% and its price on 01/23/23 gained nearly 0.34%. Currently, there are 21.06M common shares owned by the public and among those 20.14M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for IBCP have a consensus price objective of $25.00. The analysts have set the share’s price value over the next 12 months at a high of $26.50 and a low of $24.00. The average price target is 6.36% above its recent price level and an upside to the estimated low will see the stock gain 2.46% over that period. But an upside of 11.66% will see the stock hit the forecast high price target while median target price for the stock is $24.50.
Insiders at the company have transacted a total of 20 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 17,950 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 3,500 shares.
The top 3 mutual fund holders in Independent Bank Corporation are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and JPMorgan Small Cap Blend Fund. Vanguard Total Stock Market Index owns 0.6 million shares of the company’s stock, all valued at over $14.33 million. The company bought an additional 459.0 shares recently to bring their total holdings to about 2.85% of the shares outstanding. iShares Russell 2000 ETF sold 4941.0 shares to see its total holdings shrink to 0.47 million shares valued at over $11.33 million and representing 2.25% of the shares outstanding. JPMorgan Small Cap Blend Fund now owns shares totaling to 1.85% of the shares outstanding.
Shares of Independent Bank Corporation (NASDAQ: IBCP) opened at $23.43, up $0.1 from a prior closing price of $23.33. However, the script later moved the day high at 23.50, up 0.34%. The company’s stock has a 5-day price change of -3.54% and 17.28% over the past three months. IBCP shares are trading -2.13% year to date (YTD), with the 12-month market performance down to -4.53% lower. It has a 12-month low price of $17.87 and touched a high of $26.00 over the same period. IBCP has an average intraday trading volume of 85.51K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.18%, -2.39%, and 10.64% respectively.
Institutional ownership of Independent Bank Corporation (NASDAQ: IBCP) shares accounts for 80.80% of the company’s 21.06M shares outstanding. Mutual fund holders own 44.03%, while other institutional holders and individual stakeholders account for 6.71% and 35.78% respectively.
It has a market capitalization of $489.27M and a beta (3y monthly) value of 0.99. The stock’s trailing 12-month PE ratio is 8.22, while the earnings-per-share (ttm) stands at $2.85. The company has a PEG of 1.03 and the debt-to-equity ratio at 0.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.92% over the week and 1.97% over the month.
Analysts forecast that Independent Bank Corporation (IBCP) will achieve an EPS of $0.71 for the current quarter, $0.66 for the next quarter and $2.76 for 2023. The lowest estimate earnings-per-share for the quarter is $0.61 while analysts give the company a high EPS estimate of $0.77. Comparatively, EPS for the current quarter was $0.58 a year ago. Earnings per share for the fiscal year are expected to increase by 14.10%, and -4.05% over the next financial year. EPS should shrink at an annualized rate of 8.00% over the next five years, compared to 22.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Independent Bank Corporation (IBCP) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 4 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IBCP, a number of firms have released research notes about the stock. Keefe Bruyette stated their Mkt Perform rating for the stock in a research note on December 13, 2022, with the firm’s price target at $26. DA Davidson was of a view on January 17, 2020 that the stock is Neutral, while DA Davidson gave the stock Neutral rating on July 06, 2017, issuing a price target of $23. Hovde Group on their part issued Market Perform rating on September 23, 2016.