Independent Bank (NASDAQ:IBCP) CEO William Kessel Sells 2,000 Shares of Stock

Independent Bank Corporation (NASDAQ:IBCP) CEO William Kessel sold 2,000 shares of the company’s 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 owned 157,836 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $36.47 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market cap of $809.63 million, a PE ratio of 10.60 and a beta of 0.70. The firm has a fifty day moving average price of $37.26 and a two-hundred day moving average price of $35.25. Independent Bank Corporation has a fifty-two week low of $29.83 and a fifty-two week high of $39.24.

Independent Bank (NASDAQ:IBCP) 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. The company had revenue of $61.64 million for the quarter, compared to the consensus estimate of $60.08 million. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. During the same quarter in the previous year, the firm posted $0.81 EPS. Analysts expect that Independent Bank Corporation will post 3.59 EPS for the current year.

Independent Bank Dividend Announcement

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

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC acquired a new position in Independent Bank in the fourth quarter worth $26,000. Harbour Investments Inc. lifted its position in Independent Bank by 45.4% during the 4th quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock worth $31,000 after buying an additional 300 shares in the last quarter. Parallel Advisors LLC grew its holdings in Independent Bank by 935.3% during the 1st quarter. Parallel Advisors LLC now owns 1,201 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 1,085 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Independent Bank by 81.5% in 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 in the last quarter. Finally, Royal Bank of Canada increased its position in Independent Bank by 138.4% in the 1st quarter. Royal Bank of Canada now owns 1,297 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 753 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on IBCP shares. Piper Sandler raised their price objective on Independent Bank from $37.00 to $42.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective on Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Hovde Group upgraded Independent Bank from a “market perform” rating to an “outperform” rating and upped their target price for the company from $36.00 to $41.00 in a research note on Friday, July 10th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research note on Friday, September 4th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $39.50.

About Independent Bank

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.