Independent Bank (NASDAQ:IBCP) Trading Up 4.8% on Strong Earnings

Shares of Independent Bank Co. (NASDAQ:IBCP) shot up 4.8% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $36.40 and last traded at $36.48. 87,416 shares were traded during mid-day trading, a decline of 37% from the average session volume of 138,483 shares. The stock had previously closed at $34.80.

The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Tuesday, February 4th. This is a boost from Independent Bank’s previous quarterly dividend of $0.24. Independent Bank’s payout ratio is currently 32.65%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their price target on shares of Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

Insider Activity

In other news, EVP Gavin A. Mohr purchased 800 shares of the business’s stock in a transaction dated 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 acquisition, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. The trade was a 4.48 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $26,000. nVerses Capital LLC bought a new position in Independent Bank in the 3rd quarter valued at approximately $27,000. Dakota Wealth Management acquired a new stake in Independent Bank in the fourth quarter valued at approximately $203,000. CWM LLC grew its stake in shares of Independent Bank by 47.5% during the third quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock worth $210,000 after buying an additional 2,025 shares during the last quarter. Finally, Zacks Investment Management acquired a new position in shares of Independent Bank during the third quarter worth $221,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Up 1.3 %

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $736.16 million, a P/E ratio of 11.99 and a beta of 1.03. The stock has a 50 day moving average price of $36.07 and a 200 day moving average price of $34.07.

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.