Independent Bank Co. (NASDAQ:IBCP - Get Free Report) EVP Gavin A. Mohr purchased 800 shares of Independent Bank stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares of the company's stock, valued at approximately $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Independent Bank Price Performance
IBCP stock traded up $0.58 during mid-day trading on Friday, hitting $38.30. The company had a trading volume of 12,136 shares, compared to its average volume of 95,369. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $800.24 million, a price-to-earnings ratio of 12.83 and a beta of 0.99. Independent Bank Co. has a 12-month low of $20.50 and a 12-month high of $39.52. The company has a 50-day moving average price of $34.25 and a 200 day moving average price of $30.70.
Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. The firm had revenue of $77.84 million for the quarter, compared to the consensus estimate of $55.05 million. During the same quarter in the prior year, the company posted $0.83 earnings per share. On average, research analysts anticipate that Independent Bank Co. will post 3.02 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a $0.24 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. Independent Bank's payout ratio is currently 32.65%.
Institutional Trading of Independent Bank
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Independent Bank by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider's stock worth $27,392,000 after acquiring an additional 12,851 shares in the last quarter. FMR LLC increased its position in shares of Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider's stock valued at $34,510,000 after purchasing an additional 69,504 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Independent Bank by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider's stock valued at $26,603,000 after buying an additional 10,193 shares during the period. State Street Corp lifted its position in Independent Bank by 4.8% in the third quarter. State Street Corp now owns 647,579 shares of the financial services provider's stock worth $21,597,000 after buying an additional 29,475 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Independent Bank by 3.1% during the second quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider's stock worth $16,060,000 after buying an additional 18,000 shares during the period. 79.43% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts recently issued reports on IBCP shares. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $31.00 target price (up from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler increased their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research note on Monday, July 29th.
Read Our Latest Stock Analysis on Independent Bank
About Independent Bank
(
Get Free Report)
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.
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