Independent Bank Corporation (NASDAQ:IBCP) Director Terance L. Beia Purchases 1,821 Shares

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) Director Terance L. Beia bought 1,821 shares of the stock in a transaction dated Friday, June 13th. The shares were purchased at an average price of $30.65 per share, for a total transaction of $55,813.65. Following the purchase, the director now owns 40,001 shares of the company's stock, valued at $1,226,030.65. This trade represents a 4.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Independent Bank Price Performance

NASDAQ IBCP traded down $0.01 on Wednesday, hitting $31.52. 63,113 shares of the company's stock were exchanged, compared to its average volume of 106,760. The stock has a 50-day moving average of $31.28 and a 200-day moving average of $32.75. The stock has a market cap of $653.09 million, a price-to-earnings ratio of 10.04 and a beta of 0.84. Independent Bank Corporation has a 52 week low of $24.35 and a 52 week high of $40.32. 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 issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a return on equity of 14.71% and a net margin of 20.62%. The company had revenue of $54.11 million during the quarter, compared to analysts' expectations of $46.25 million. Analysts expect that Independent Bank Corporation will post 3.22 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank's dividend payout ratio (DPR) is presently 33.12%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IBCP. Versant Capital Management Inc boosted its holdings in shares of Independent Bank by 408.6% during the 1st quarter. Versant Capital Management Inc now owns 890 shares of the financial services provider's stock worth $27,000 after buying an additional 715 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Independent Bank during the 4th quarter valued at $42,000. Tower Research Capital LLC TRC lifted its position in shares of Independent Bank by 246.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,439 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 1,024 shares during the period. Quantbot Technologies LP bought a new position in Independent Bank during the fourth quarter worth $58,000. Finally, Point72 Asset Management L.P. acquired a new stake in Independent Bank in the fourth quarter worth $59,000. 79.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on IBCP. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th. Piper Sandler dropped their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Monday, April 28th.

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.

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