Independent Bank (NASDAQ:IBCP) Insider Sells 300 Shares of Stock

Independent Bank Corporation (NASDAQ:IBCP) insider Kristopher Kreter sold 300 shares of Independent Bank stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $37.11, for a total transaction of $11,133.00. Following the completion of the transaction, the insider directly owned 2,207 shares in the company, valued at $81,901.77. This trade represents a 11.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Price Performance

Independent Bank stock traded down $0.07 during midday trading on Thursday, reaching $36.88. The company’s stock had a trading volume of 13,422 shares, compared to its average volume of 175,280. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. The stock has a market cap of $818.72 million, a PE ratio of 10.72 and a beta of 0.71. Independent Bank Corporation has a 52 week low of $29.83 and a 52 week high of $39.24. The business has a 50-day moving average price of $36.64 and a 200-day moving average price of $35.15.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.06. The business had revenue of $61.64 million during the quarter, compared to analysts’ expectations of $60.08 million. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. During the same period in the prior year, the company earned $0.81 EPS. On average, sell-side analysts predict that Independent Bank Corporation will post 3.59 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, August 4th. Independent Bank’s payout ratio is 32.56%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IBCP. Integrated Wealth Concepts LLC bought a new stake in Independent Bank in the 1st quarter valued at about $287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Independent Bank by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after buying an additional 464 shares in the last quarter. Millennium Management LLC boosted its holdings in Independent Bank by 469.8% in the 1st quarter. Millennium Management LLC now owns 130,953 shares of the financial services provider’s stock worth $4,032,000 after buying an additional 107,972 shares during the period. Goldman Sachs Group Inc. grew its stake in Independent Bank by 4.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 298,986 shares of the financial services provider’s stock valued at $9,206,000 after buying an additional 12,855 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Independent Bank by 24.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,115 shares of the financial services provider’s stock valued at $2,190,000 after buying an additional 13,926 shares in the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Piper Sandler increased their price objective on Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Hovde Group upgraded Independent Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $36.00 to $41.00 in a report on Friday, July 10th. DA Davidson lifted their target price on Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a report on Tuesday, June 9th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $39.50.

Independent Bank Company Profile

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.