Independent Bank (NASDAQ:IBCP) EVP Sells $48,174.00 in Stock

Independent Bank Corporation (NASDAQ:IBCP) EVP Stefanie Kimball sold 1,400 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $34.41, for a total value of $48,174.00. Following the completion of the sale, the executive vice president directly owned 64,327 shares of the company’s stock, valued at $2,213,492.07. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Independent Bank Stock Up 0.5%

NASDAQ IBCP traded up $0.18 on Friday, reaching $34.32. The company had a trading volume of 96,586 shares, compared to its average volume of 165,887. The stock has a market capitalization of $707.20 million, a P/E ratio of 10.24 and a beta of 0.71. The company’s fifty day moving average is $33.63 and its 200 day moving average is $33.86. Independent Bank Corporation has a 52-week low of $29.63 and a 52-week high of $39.17. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $58.90 million during the quarter, compared to analyst estimates of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Sell-side analysts anticipate that Independent Bank Corporation will post 3.54 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.12 annualized dividend and a dividend yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is currently 33.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on IBCP shares. DA Davidson raised 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. Piper Sandler decreased their target price on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $37.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IBCP. EverSource Wealth Advisors LLC grew its stake in shares of Independent Bank by 2,062.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 722 shares during the period. Larson Financial Group LLC bought a new position in shares of Independent Bank during the 4th quarter worth $26,000. Aster Capital Management DIFC Ltd bought a new position in shares of Independent Bank during the 4th quarter worth $27,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Independent Bank during the 4th quarter worth $29,000. Finally, Harbour Investments Inc. grew its stake in shares of 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 acquiring an additional 300 shares during the period. Institutional investors own 79.43% of the company’s stock.

About Independent Bank

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.