Independent Bank price target raised to $39 from $37 at DA Davidson

DA Davidson analyst Peter Winter raised the firm’s price target on Independent Bank (IBCP) to $39 from $37 and keeps a Neutral rating on the shares. Aside from a swing in MSRs – Mortgage Servicing Rights – the company reported solid net interest income growth of 2.4%, led by solid loan growth and 8 bps of net interest margin expansion, even though these were partially offset by higher than expected expense growth, the analyst tells investors in a research note.