Independent Bank Corporation (NASDAQ:IBCP - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $35.08 and traded as high as $38.56. Independent Bank shares last traded at $38.31, with a volume of 195,243 shares trading hands.
Analyst Ratings Changes
A number of research firms have weighed in on IBCP. Keefe, Bruyette & Woods raised their price target on Independent Bank from $37.00 to $38.00 and gave the company a "market perform" rating in a research note on Friday, July 24th. Hovde Group raised Independent Bank from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $36.00 to $41.00 in a research report on Friday, July 10th. DA Davidson increased their price objective on Independent Bank from $36.00 to $37.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a research report on Tuesday, June 9th. Finally, Piper Sandler boosted their target price on Independent Bank from $37.00 to $42.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Independent Bank has an average rating of "Hold" and a consensus target price of $39.50.
Get Our Latest Stock Analysis on IBCP
Independent Bank Price Performance
The stock has a market capitalization of $850.48 million, a PE ratio of 11.14 and a beta of 0.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.95. The stock's 50-day moving average is $36.48 and its 200 day moving average is $35.08.
Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.06. The company had revenue of $61.64 million during the quarter, compared to the consensus estimate of $60.08 million. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, equities analysts expect that Independent Bank Corporation will post 3.59 earnings per share for the current year.
Independent Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.9%. Independent Bank's dividend payout ratio is 32.56%.
Insider Activity
In related news, EVP Stefanie M. Kimball sold 1,400 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $34.41, for a total transaction of $48,174.00. Following the transaction, the executive vice president owned 64,327 shares in the company, valued at $2,213,492.07. This trade represents a 2.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.91% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Independent Bank
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbour Investments Inc. grew its position in shares of Independent Bank by 45.4% during the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider's stock worth $31,000 after acquiring an additional 300 shares during the last quarter. Hudson Edge Investment Partners Inc. raised its position in Independent Bank by 0.9% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider's stock valued at $1,127,000 after purchasing an additional 318 shares during the last quarter. Occudo Quantitative Strategies LP boosted its stake in Independent Bank by 3.2% during the 4th quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider's stock worth $375,000 after purchasing an additional 355 shares during the period. Cetera Investment Advisers boosted its stake in Independent Bank by 1.7% during the 4th quarter. Cetera Investment Advisers now owns 22,254 shares of the financial services provider's stock worth $724,000 after purchasing an additional 363 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Independent Bank by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider's stock worth $364,000 after purchasing an additional 464 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company's stock.
Independent Bank Company Profile
(
Get Free Report)
Independent Bank Corporation NASDAQ: IBCP is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company's offerings span traditional branch-based banking as well as digital and mobile platforms.
Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.
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