Independent Bank Corporation (NASDAQ:IBCP) EVP Acquires $59,280.00 in 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 stock in a transaction on Tuesday, August 5th. The stock was bought at an average price of $29.64 per share, for a total transaction of $59,280.00. Following the transaction, the executive vice president owned 23,826 shares in the company, valued at approximately $706,202.64. This represents a 9.16% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Independent Bank Stock Down 0.1%

Shares of Independent Bank stock traded down $0.03 on Wednesday, reaching $30.22. 28,887 shares of the company were exchanged, compared to its average volume of 100,659. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The company has a market cap of $626.16 million, a P/E ratio of 9.84 and a beta of 0.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90. The stock's 50 day moving average price is $32.26 and its 200-day moving average price is $32.28.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. Independent Bank had a return on equity of 14.13% and a net margin of 20.31%. The business had revenue of $55.94 million during the quarter, compared to the consensus estimate of $47.72 million. As a group, equities analysts forecast that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Announces Dividend

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

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Independent Bank during the 4th quarter worth $410,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Independent Bank in the fourth quarter valued at $160,000. Vanguard Group Inc. lifted its holdings in shares of Independent Bank by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 1,218,710 shares of the financial services provider's stock valued at $42,448,000 after purchasing an additional 25,756 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 15.3% during the 4th quarter. JPMorgan Chase & Co. now owns 447,690 shares of the financial services provider's stock valued at $15,593,000 after acquiring an additional 59,339 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in Independent Bank in the 4th quarter valued at approximately $318,000. 79.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on IBCP shares. Piper Sandler decreased their target price on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. DA Davidson increased their target price on Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods decreased their target price on 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.

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.

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