Independent Bank (NASDAQ:IBCP) Share Price Crosses Below Two Hundred Day Moving Average - Here's Why

Key Points

• Independent Bank's share price fell below its two hundred day moving average, with a recent trading price of $31.35, indicating potential volatility in the stock.
• Analysts have set a new price target for Independent Bank at $37.00, maintaining a "neutral" rating, with a consensus average target price of $36.00.
• The company declared a quarterly dividend of $0.26 per share, representing a 3.3% yield, with a payout ratio of 33.88%.

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report)'s share price passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $31.58 and traded as low as $31.19. Independent Bank shares last traded at $31.35, with a volume of 344,403 shares changing hands.

Analysts Set New Price Targets

Separately, DA Davidson boosted their price target on Independent Bank from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $36.00.

Independent Bank Trading Down 1.9%

The company has a debt-to-equity ratio of 0.39, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50-day moving average of $32.16 and a 200-day moving average of $31.58. The firm has a market cap of $649.26 million, a price-to-earnings ratio of 10.21 and a beta of 0.87.

Independent Bank (NASDAQ:IBCP - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. The business had revenue of $55.94 million for 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%. Research analysts anticipate that Independent Bank Corporation will post 3.22 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 5th. Independent Bank's payout ratio is 33.88%.

Insider Buying and Selling

In other Independent Bank news, EVP Stefanie M. Kimball sold 1,400 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $32.64, for a total transaction of $45,696.00. Following the transaction, the executive vice president owned 62,389 shares of the company's stock, valued at $2,036,376.96. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gavin A. Mohr purchased 2,000 shares of the stock in a transaction on Tuesday, August 5th. The shares were acquired at an average cost of $29.64 per share, for a total transaction of $59,280.00. Following the transaction, the executive vice president owned 23,826 shares of the company's stock, valued at approximately $706,202.64. The trade was a 9.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Independent Bank

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hudson Edge Investment Partners Inc. grew its position in shares of Independent Bank by 1.1% in the second quarter. Hudson Edge Investment Partners Inc. now owns 31,597 shares of the financial services provider's stock valued at $1,024,000 after purchasing an additional 339 shares during the last quarter. CWM LLC boosted its stake in shares of Independent Bank by 5.2% in the second quarter. CWM LLC now owns 6,828 shares of the financial services provider's stock valued at $221,000 after buying an additional 340 shares during the period. SummerHaven Investment Management LLC boosted its stake in shares of Independent Bank by 1.4% in the first quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock valued at $893,000 after buying an additional 395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Independent Bank by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock valued at $395,000 after buying an additional 399 shares during the period. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Independent Bank by 2.6% in the second quarter. Wedge Capital Management L L P NC now owns 24,768 shares of the financial services provider's stock valued at $803,000 after buying an additional 639 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

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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