Insider Selling: Independent Bank Co. (NASDAQ:IBCP) SVP Sells 1,500 Shares of Stock

Independent Bank Co. (NASDAQ:IBCP - Get Free Report) SVP James J. Twarozynski sold 1,500 shares of the company's stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $25.00, for a total transaction of $37,500.00. Following the sale, the senior vice president now directly owns 8,366 shares of the company's stock, valued at approximately $209,150. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Independent Bank Price Performance

Shares of NASDAQ:IBCP remained flat at $24.99 during trading on Monday. 45,601 shares of the stock traded hands, compared to its average volume of 77,526. The company has a 50 day simple moving average of $24.31 and a 200-day simple moving average of $23.63. Independent Bank Co. has a 52-week low of $14.90 and a 52-week high of $27.39. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. The firm has a market cap of $522.44 million, a price-to-earnings ratio of 8.50 and a beta of 0.97.

Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.08. Independent Bank had a net margin of 20.45% and a return on equity of 16.88%. The firm had revenue of $49.21 million for the quarter, compared to analysts' expectations of $51.50 million. As a group, research analysts anticipate that Independent Bank Co. will post 2.99 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Shareholders of record on Friday, May 3rd will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend is Thursday, May 2nd. Independent Bank's payout ratio is 32.65%.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its stake in Independent Bank by 46.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,045 shares of the financial services provider's stock worth $53,000 after acquiring an additional 648 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in Independent Bank by 4.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 14,747 shares of the financial services provider's stock worth $384,000 after acquiring an additional 677 shares during the period. Swiss National Bank raised its stake in Independent Bank by 2.2% during the 3rd quarter. Swiss National Bank now owns 46,500 shares of the financial services provider's stock worth $853,000 after acquiring an additional 1,000 shares during the period. Wedge Capital Management L L P NC raised its stake in Independent Bank by 6.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 21,139 shares of the financial services provider's stock worth $550,000 after acquiring an additional 1,345 shares during the period. Finally, AJOVista LLC bought a new stake in Independent Bank during the 4th quarter worth approximately $38,000. Institutional investors own 79.43% of the company's stock.

Wall Street Analyst Weigh In

Separately, Hovde Group began coverage on shares of Independent Bank in a research note on Monday, March 4th. They issued a "market perform" rating on the 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.