Independent Bank Co. (NASDAQ:IBCP) EVP Acquires $29,368.00 in Stock

Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Independent Bank Price Performance

Shares of IBCP stock opened at $38.50 on Friday. The stock’s fifty day simple moving average is $34.34 and its 200 day simple moving average is $30.83. Independent Bank Co. has a one year low of $20.50 and a one year high of $39.52. The firm has a market cap of $804.27 million, a price-to-earnings ratio of 13.10 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88.

Independent Bank (NASDAQ:IBCP) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The firm had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. During the same quarter in the prior year, the firm posted $0.83 EPS. On average, analysts expect that Independent Bank Co. will post 3.02 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, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.49%. Independent Bank’s dividend payout ratio is 32.65%.

Institutional Trading of Independent Bank

Hedge funds have recently modified their holdings of the company. National Bank of Canada FI bought a new stake in Independent Bank during the 3rd quarter worth approximately $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank during the third quarter worth $27,000. CWM LLC increased its stake in shares of Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after buying an additional 4,029 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,225 shares during the last quarter. Finally, Comerica Bank acquired a new position in Independent Bank during the 1st quarter worth about $173,000. Institutional investors and hedge funds own 79.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $31.00 price target (up previously from $26.00) on shares of Independent Bank in a research note on Monday, July 29th. Piper Sandler lifted their target price on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th.

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.