Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) Director Terance L. Beia bought 1,821 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were acquired at an average price of $30.65 per share, for a total transaction of $55,813.65. Following the transaction, the director now directly owns 40,001 shares in the company, valued at approximately $1,226,030.65. This represents a 4.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Independent Bank Price Performance
IBCP stock traded up $0.38 during midday trading on Friday, reaching $32.62. The stock had a trading volume of 171,163 shares, compared to its average volume of 107,287. Independent Bank Corporation has a 52-week low of $25.46 and a 52-week high of $40.32. The company has a market cap of $675.89 million, a price-to-earnings ratio of 10.39 and a beta of 0.84. The company's fifty day simple moving average is $31.41 and its 200 day simple moving average is $32.67. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.
Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.04. The firm had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. As a group, sell-side analysts predict that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.
Independent Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.19%. Independent Bank's dividend payout ratio (DPR) is presently 33.12%.
Hedge Funds Weigh In On Independent Bank
A number of institutional investors have recently added to or reduced their stakes in IBCP. Rhumbline Advisers increased its position in Independent Bank by 0.9% during the fourth quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock worth $1,451,000 after purchasing an additional 374 shares during the last quarter. PL Capital Advisors LLC increased its holdings in Independent Bank by 3,383.0% in the 4th quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock valued at $386,970,000 after purchasing an additional 10,791,263 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Independent Bank in the fourth quarter valued at approximately $352,000. Bailard Inc. lifted its stake in Independent Bank by 13.3% during the fourth quarter. Bailard Inc. now owns 21,260 shares of the financial services provider's stock worth $740,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 172,346 shares of the financial services provider's stock worth $6,003,000 after buying an additional 1,256 shares during the period. Hedge funds and other institutional investors own 79.43% of the company's stock.
Wall Street Analysts Forecast Growth
IBCP has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. Piper Sandler lowered their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th.
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Independent Bank Company Profile
(
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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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