Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services. It also provides title insurance, insurance brokerage, and investment services. The company offers its services through approximately 59 branches, two drive-thru facilities, and seven loan production offices in Michigan; and two loan production offices in Ohio. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.
Analysts Set New Price Targets
IBCP has been the subject of several recent research reports. StockNews.com cut shares of Independent Bank from a "buy" rating to a "hold" rating in a research report on Thursday, August 4th. DA Davidson reissued a "neutral" rating on shares of Independent Bank in a research note on Wednesday, July 27th.
Independent Bank Stock Up 1.0 %
Independent Bank stock opened at $20.78 on Thursday. Independent Bank has a 1-year low of $17.87 and a 1-year high of $26.00. The firm has a market capitalization of $437.63 million, a price-to-earnings ratio of 7.53 and a beta of 0.97. The firm's fifty day moving average price is $19.54 and its two-hundred day moving average price is $21.25. The company has a current ratio of 0.78, a quick ratio of 0.73 and a debt-to-equity ratio of 0.32.
Independent Bank (NASDAQ:IBCP - Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. Independent Bank had a net margin of 27.75% and a return on equity of 16.01%. During the same period last year, the business earned $0.56 EPS. On average, equities research analysts predict that Independent Bank will post 2.67 earnings per share for the current fiscal year.
Independent Bank Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 16th. Stockholders of record on Friday, August 5th will be issued a $0.22 dividend. The ex-dividend date is Thursday, August 4th. This represents a $0.88 annualized dividend and a dividend yield of 4.23%. Independent Bank's dividend payout ratio is currently 31.88%.
Insider Activity
In other news, EVP Stefanie M. Kimball sold 2,239 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $19.43, for a total value of $43,503.77. Following the completion of the sale, the executive vice president now owns 59,882 shares in the company, valued at $1,163,507.26. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Stefanie M. Kimball sold 2,239 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $19.43, for a total value of $43,503.77. Following the completion of the sale, the executive vice president now owns 59,882 shares in the company, valued at $1,163,507.26. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP James J. Twarozynski sold 2,500 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $20.47, for a total transaction of $51,175.00. Following the completion of the sale, the senior vice president now owns 8,409 shares of the company's stock, valued at approximately $172,132.23. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.