Independent Bank Co. (NASDAQ:IBCP) SVP Sells $37,500.00 in Stock

Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski sold 1,500 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the transaction, the senior vice president now owns 8,366 shares in the company, valued at approximately $209,150. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Independent Bank Price Performance

Shares of NASDAQ:IBCP opened at $25.04 on Thursday. The firm’s 50 day moving average price is $24.31 and its 200-day moving average price is $23.68. Independent Bank Co. has a twelve month low of $14.90 and a twelve month high of $27.39. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $523.59 million, a PE ratio of 8.52 and a beta of 0.97.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, May 3rd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, May 2nd. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. DA Davidson restated a “neutral” rating and set a $28.00 target price on shares of Independent Bank in a research note on Tuesday. Hovde Group assumed coverage on shares of Independent Bank in a research note on Monday, March 4th. They set a “market perform” rating on the stock.

Hedge Funds Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the business. Swiss National Bank lifted its stake in shares of Independent Bank by 2.2% in the 3rd quarter. Swiss National Bank now owns 46,500 shares of the financial services provider’s stock worth $853,000 after purchasing an additional 1,000 shares during the period. Fifth Third Bancorp increased its holdings in Independent Bank by 524.2% in the 4th quarter. Fifth Third Bancorp now owns 2,060 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 1,730 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Independent Bank by 31.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 190,556 shares of the financial services provider’s stock worth $3,495,000 after acquiring an additional 45,617 shares in the last quarter. FMR LLC increased its holdings in Independent Bank by 12.8% in the 3rd quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after acquiring an additional 87,852 shares in the last quarter. Finally, Denali Advisors LLC purchased a new stake in Independent Bank in the 4th quarter worth approximately $138,000. Institutional investors own 79.43% of the company’s stock.

About Independent Bank

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.