Independent Bank (NASDAQ:IBCP) Shares Pass Below Two Hundred Day Moving Average - Here's What Happened

Independent Bank Corporation (NASDAQ:IBCP - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $32.93 and traded as low as $30.17. Independent Bank shares last traded at $30.37, with a volume of 48,970 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Piper Sandler reduced their price objective on Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating for the company in a research report on Friday, April 25th.

Independent Bank Trading Up 3.0%

The firm has a market cap of $648.54 million, a price-to-earnings ratio of 9.97 and a beta of 0.85. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $31.24 and a 200-day moving average price of $32.75.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The company had revenue of $54.11 million during the quarter, compared to the consensus estimate of $46.25 million. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. As a group, research analysts expect that Independent Bank Corporation will post 3.22 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Monday, May 5th. Independent Bank's payout ratio is 33.12%.

Insider Buying and Selling

In other Independent Bank news, Director Michael M. Magee, Jr. sold 6,404 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $31.00, for a total value of $198,524.00. Following the transaction, the director now directly owns 8,381 shares of the company's stock, valued at $259,811. This represents a 43.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.68% of the stock is currently owned by insiders.

Institutional Trading of Independent Bank

Several institutional investors have recently added to or reduced their stakes in the stock. PL Capital Advisors LLC boosted its holdings in Independent Bank by 3,383.0% in the fourth quarter. PL Capital Advisors LLC now owns 11,110,248 shares of the financial services provider's stock worth $386,970,000 after purchasing an additional 10,791,263 shares during the period. Vanguard Group Inc. lifted its position in shares of Independent Bank by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider's stock worth $41,106,000 after buying an additional 116,339 shares during the last quarter. FJ Capital Management LLC boosted its holdings in shares of Independent Bank by 1.9% in the 1st quarter. FJ Capital Management LLC now owns 683,156 shares of the financial services provider's stock valued at $21,034,000 after buying an additional 12,672 shares during the period. American Century Companies Inc. raised its stake in Independent Bank by 8.4% during the first quarter. American Century Companies Inc. now owns 567,685 shares of the financial services provider's stock worth $17,479,000 after acquiring an additional 44,071 shares during the period. Finally, LSV Asset Management lifted its holdings in Independent Bank by 9.7% in the first quarter. LSV Asset Management now owns 460,026 shares of the financial services provider's stock worth $14,164,000 after acquiring an additional 40,856 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

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.