Insider Buying: Independent Bank Corporation (NASDAQ:IBCP) EVP Buys 2,000 Shares of Stock

Key Points

• EVP Gavin A. Mohr of Independent Bank Corporation acquired 2,000 shares of the company's stock for a total of $59,280, increasing his total ownership to approximately $706,202.
• The bank has announced a quarterly dividend of $0.26 per share, providing investors with a dividend yield of 3.4%.
• Independent Bank's stock is currently trading at $30.22, with a market cap of $626.16 million and various analysts setting different price targets following recent earnings reports.

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) EVP Gavin A. Mohr acquired 2,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average price of $29.64 per share, for a total transaction of $59,280.00. Following the completion of the transaction, the executive vice president owned 23,826 shares in the company, valued at approximately $706,202.64. The trade was a 9.16% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Independent Bank Stock Up 0.8%

Shares of IBCP traded up $0.25 during mid-day trading on Friday, reaching $30.45. The company had a trading volume of 43,984 shares, compared to its average volume of 72,060. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $630.62 million, a price-to-earnings ratio of 9.92 and a beta of 0.87. The firm has a 50-day moving average price of $32.17 and a 200 day moving average price of $32.16. Independent Bank Corporation has a 52 week low of $26.75 and a 52 week high of $40.32.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. Independent Bank had a return on equity of 14.05% and a net margin of 20.31%. On average, sell-side analysts forecast that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, August 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.4%. Independent Bank's dividend payout ratio is presently 33.88%.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC increased its holdings in shares of Independent Bank by 10.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after purchasing an additional 283 shares in the last quarter. Hudson Edge Investment Partners Inc. increased its holdings in Independent Bank by 1.1% in the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 31,597 shares of the financial services provider's stock worth $1,024,000 after buying an additional 339 shares in the last quarter. CWM LLC raised its position in Independent Bank by 5.2% in the 2nd quarter. CWM LLC now owns 6,828 shares of the financial services provider's stock worth $221,000 after buying an additional 340 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in Independent Bank by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock valued at $893,000 after acquiring an additional 395 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Independent Bank by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock valued at $395,000 after acquiring an additional 399 shares during the period. Institutional investors own 79.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on IBCP shares. DA Davidson upped their target price on Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods reduced their price target on 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. Finally, Piper Sandler decreased 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.

About Independent Bank

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.