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
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, August 4th. Independent Bank’s dividend payout ratio is currently 32.56%.
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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