Independent Bank (NASDAQ:IBCP) Sets New 12-Month High at $27.77

Independent Bank Co. (NASDAQ:IBCP) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $27.77 and last traded at $27.00, with a volume of 952611 shares trading hands. The stock had previously closed at $25.50.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IBCP. DA Davidson reiterated a “neutral” rating and issued a $28.00 price target on shares of Independent Bank in a report on Tuesday, April 30th. Piper Sandler upgraded shares of Independent Bank to a “hold” rating in a report on Tuesday, June 11th. Finally, Hovde Group began coverage on shares of Independent Bank in a report on Monday, March 4th. They issued a “market perform” rating for the company.

Independent Bank Stock Performance

The stock has a market capitalization of $564.30 million, a price-to-earnings ratio of 9.18 and a beta of 0.99. The stock’s 50 day moving average is $25.02 and its 200 day moving average is $24.91. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.31.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.11. The firm had revenue of $52.76 million for the quarter, compared to analysts’ expectations of $51.50 million. Independent Bank had a net margin of 20.45% and a return on equity of 16.55%. On average, analysts predict that Independent Bank Co. will post 2.96 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 13th. Investors of record on Friday, May 3rd were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.56%. Independent Bank’s payout ratio is 32.65%.

Insider Activity at Independent Bank

In related news, SVP James J. Twarozynski sold 1,500 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total value of $37,500.00. Following the sale, the senior vice president now directly owns 8,366 shares of the company’s stock, valued at approximately $209,150. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Independent Bank news, EVP Stefanie M. Kimball sold 1,700 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $24.49, for a total transaction of $41,633.00. Following the sale, the executive vice president now directly owns 61,784 shares of the company’s stock, valued at approximately $1,513,090.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James J. Twarozynski sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $25.00, for a total transaction of $37,500.00. Following the sale, the senior vice president now directly owns 8,366 shares in the company, valued at $209,150. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,600 shares of company stock valued at $135,821. Insiders own 5.45% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its position in shares of Independent Bank by 12.8% in the third 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 during the last quarter. American Century Companies Inc. boosted its position in shares of Independent Bank by 10.1% in the third quarter. American Century Companies Inc. now owns 234,147 shares of the financial services provider’s stock worth $4,294,000 after acquiring an additional 21,567 shares during the last quarter. Ziegler Capital Management LLC boosted its position in shares of Independent Bank by 10.5% in the fourth quarter. Ziegler Capital Management LLC now owns 27,492 shares of the financial services provider’s stock worth $715,000 after acquiring an additional 2,609 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Independent Bank by 19.1% in the fourth quarter. SG Americas Securities LLC now owns 15,261 shares of the financial services provider’s stock worth $397,000 after acquiring an additional 2,449 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Independent Bank by 4.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 14,747 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 677 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Company Profile

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.