Independent Bank (NASDAQ:IBCP) Share Price Passes Below 200 Day Moving Average – Should You Sell?

Independent Bank Corporation (NASDAQ:IBCP)’s stock price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $33.65 and traded as low as $33.24. Independent Bank shares last traded at $33.31, with a volume of 147,740 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. DA Davidson raised their price target on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Piper Sandler lowered their target price on Independent Bank from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $37.00.

Independent Bank Stock Down 1.8%

The firm has a 50 day simple moving average of $33.59 and a two-hundred day simple moving average of $33.65. The company has a market capitalization of $674.36 million, a PE ratio of 9.77 and a beta of 0.71. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.02. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%.The company had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.36 million. Research analysts expect that Independent Bank Corporation will post 3.54 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were paid a $0.28 dividend. The ex-dividend date was Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.4%. Independent Bank’s payout ratio is 33.43%.

Institutional Trading of Independent Bank

A number of institutional investors have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Independent Bank by 4.5% in the fourth quarter. State Street Corp now owns 657,276 shares of the financial services provider’s stock valued at $21,381,000 after buying an additional 28,516 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Independent Bank by 8.1% in the third quarter. American Century Companies Inc. now owns 643,540 shares of the financial services provider’s stock valued at $19,934,000 after buying an additional 48,301 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Independent Bank by 5.9% in the third quarter. JPMorgan Chase & Co. now owns 445,911 shares of the financial services provider’s stock valued at $13,812,000 after buying an additional 24,772 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Independent Bank by 60.5% in the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock valued at $12,056,000 after buying an additional 146,646 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 25.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock valued at $12,293,000 after buying an additional 76,811 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

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.