Independent Bank (NASDAQ:IBCP) Stock Price Crosses Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Independent Bank's shares fell below their 200-day moving average of $32.09, trading at $31.64 with a volume of 66,508 shares.
• Analyst ratings for Independent Bank have been mixed, with some firms raising price targets and others lowering them, reflecting a neutral outlook overall.
• The company recently declared a quarterly dividend of $0.26 per share, effective August 15th, which represents an annualized yield of 3.3%.

Shares of Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $32.09 and traded as low as $31.31. Independent Bank shares last traded at $31.64, with a volume of 66,508 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. DA Davidson increased their price target on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Piper Sandler reduced their price target on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced 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 report on Friday, April 25th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, Independent Bank presently has an average rating of "Hold" and a consensus price target of $36.00.

Independent Bank Price Performance

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 stock's fifty day simple moving average is $32.17 and its 200-day simple moving average is $31.96. The stock has a market cap of $650.09 million, a P/E ratio of 10.22 and a beta of 0.87.

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

Independent Bank Dividend Announcement

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

Insider Transactions at Independent Bank

In other Independent Bank news, Director Terance L. Beia bought 1,821 shares of the business's stock in a transaction on Friday, June 13th. The shares were purchased at an average price of $30.65 per share, with a total value of $55,813.65. Following the completion of the acquisition, the director directly owned 40,001 shares of the company's stock, valued at approximately $1,226,030.65. The trade was a 4.77% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Gavin A. Mohr bought 2,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost of $29.64 per share, for a total transaction of $59,280.00. Following the acquisition, the executive vice president directly owned 23,826 shares of the company's stock, valued at $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. Company insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Independent Bank

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC increased its stake in shares of Independent Bank by 69.5% in the first quarter. SG Americas Securities LLC now owns 25,324 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 10,384 shares during the period. GSA Capital Partners LLP increased its stake in shares of Independent Bank by 61.4% in the first quarter. GSA Capital Partners LLP now owns 26,722 shares of the financial services provider's stock valued at $823,000 after purchasing an additional 10,170 shares during the period. Hudson Edge Investment Partners Inc. increased its stake in shares of Independent Bank by 44.5% in the first quarter. Hudson Edge Investment Partners Inc. now owns 31,258 shares of the financial services provider's stock valued at $962,000 after purchasing an additional 9,630 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Independent Bank in the fourth quarter valued at approximately $538,000. Finally, Bank of America Corp DE increased its stake in shares of Independent Bank by 17.5% in the fourth quarter. Bank of America Corp DE now owns 124,784 shares of the financial services provider's stock valued at $4,346,000 after purchasing an additional 18,602 shares during the period. Institutional investors and hedge funds own 79.43% of the company's stock.

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.