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 $32.93 and traded as low as $30.17. Independent Bank shares last traded at $30.37, with a volume of 48,970 shares changing hands.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on IBCP. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $37.00 to $35.00 and set a "market perform" rating on the stock in a report on Friday, April 25th. Piper Sandler dropped their target price on shares of Independent Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, April 28th.
Check Out Our Latest Stock Report on IBCP
Independent Bank Stock Up 0.6%
The firm's fifty day moving average price is $31.16 and its two-hundred day moving average price is $32.93. The stock has a market cap of $629.27 million, a price-to-earnings ratio of 9.67 and a beta of 0.84. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.91 and a quick ratio of 0.90.
Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.04. Independent Bank had a net margin of 20.62% and a return on equity of 14.71%. The firm had revenue of $54.11 million for the quarter, compared to analyst estimates of $46.25 million. Sell-side analysts forecast that Independent Bank Corporation will post 3.22 earnings per share for the current fiscal year.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, May 5th. This represents a $1.04 annualized dividend and a dividend yield of 3.42%. Independent Bank's dividend payout ratio is currently 33.12%.
Insider Activity
In related news, Director Michael M. Magee, Jr. sold 6,404 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $31.00, for a total value of $198,524.00. Following the sale, the director now owns 8,381 shares in the company, valued at $259,811. This represents a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 5.68% of the company's stock.
Institutional Investors Weigh In On Independent Bank
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC raised its holdings in shares of Independent Bank by 10.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,890 shares of the financial services provider's stock worth $101,000 after acquiring an additional 283 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Independent Bank by 0.9% in the 4th quarter. Rhumbline Advisers now owns 41,649 shares of the financial services provider's stock worth $1,451,000 after acquiring an additional 374 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Independent Bank by 1.4% in the 1st quarter. SummerHaven Investment Management LLC now owns 29,010 shares of the financial services provider's stock worth $893,000 after acquiring an additional 395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Independent Bank by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,352 shares of the financial services provider's stock worth $395,000 after acquiring an additional 399 shares during the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of Independent Bank by 4.0% in the 4th quarter. Sterling Capital Management LLC now owns 14,721 shares of the financial services provider's stock worth $513,000 after acquiring an additional 569 shares during the last quarter. Institutional investors and hedge funds own 79.43% of the company's stock.
Independent Bank Company Profile
(
Get Free Report)
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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