Independent Bank (NASDAQ:IBCP) Hits New 12-Month High – Here’s Why

Independent Bank Co. (NASDAQ:IBCP)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $39.70 and last traded at $39.70, with a volume of 3891 shares changing hands. The stock had previously closed at $38.50.

Independent Bank Stock Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.88 and a quick ratio of 0.88. The company has a fifty day moving average price of $34.44 and a 200 day moving average price of $30.96. The stock has a market cap of $799.67 million, a P/E ratio of 13.02 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The business had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same quarter last year, the firm posted $0.83 EPS. On average, equities analysts expect that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were given a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.51%. Independent Bank’s payout ratio is 32.65%.

Insider Buying and Selling at Independent Bank

In related news, Director Christina Keller sold 1,400 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now directly owns 4,163 shares in the company, valued at approximately $136,754.55. The trade was a 25.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gavin A. Mohr acquired 800 shares of Independent Bank stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now directly owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.48% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Independent Bank by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock worth $27,392,000 after acquiring an additional 12,851 shares during the period. FMR LLC increased its position in shares of Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock valued at $34,510,000 after purchasing an additional 69,504 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after purchasing an additional 10,193 shares during the period. State Street Corp boosted its holdings in shares of Independent Bank by 4.8% in the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after buying an additional 29,475 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Independent Bank by 3.1% during the second quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider’s stock valued at $16,060,000 after buying an additional 18,000 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

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.