Independent Bank Corporation (NASDAQ:IBCP – Get Free Report) CEO William Kessel sold 2,000 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $37.28, for a total transaction of $74,560.00. Following the transaction, the chief executive officer directly owned 157,836 shares in the company, valued at approximately $5,884,126.08. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Independent Bank Stock Up 0.0%
IBCP stock opened at $36.23 on Friday. Independent Bank Corporation has a 52 week low of $29.83 and a 52 week high of $39.24. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $37.28 and a 200-day simple moving average of $35.27. The stock has a market capitalization of $804.27 million, a P/E ratio of 10.53 and a beta of 0.70.
Independent Bank (NASDAQ:IBCP – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.06. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%.The company had revenue of $61.64 million for the quarter, compared to analysts’ expectations of $60.08 million. During the same period in the previous year, the firm posted $0.81 EPS. Equities analysts forecast that Independent Bank Corporation will post 3.59 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Harbour Investments Inc. increased its holdings in Independent Bank by 45.4% in the 4th quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 300 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Independent Bank by 81.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,269 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 570 shares during the period. Odyssean LLC boosted its stake in shares of Independent Bank by 4.5% in the second quarter. Odyssean LLC now owns 16,902 shares of the financial services provider’s stock valued at $610,000 after purchasing an additional 725 shares during the period. Royal Bank of Canada grew its holdings in shares of Independent Bank by 138.4% in the first quarter. Royal Bank of Canada now owns 1,297 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 753 shares in the last quarter. Finally, Larson Financial Group LLC acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $26,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.
Wall Street Analyst Weigh In
IBCP has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a report on Friday, September 4th. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a report on Friday, July 24th. Piper Sandler boosted their target price on Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Hovde Group upgraded Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $36.00 to $41.00 in a report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Independent Bank presently has an average rating of “Hold” and an average price target of $39.50.
Get Our Latest Analysis on Independent Bank
Independent Bank Company Profile
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company whose principal subsidiary, Independent Bank, provides banking and financial services to individuals, families, businesses and institutions. The company operates as a community bank, emphasizing local decision-making and relationship-based service.
Independent Bank’s offerings include checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, commercial real estate loans and business lending.
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