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.
Independent Bank Stock Performance
IBCP traded up $0.25 during mid-day trading on Friday, reaching $21.31. 119,995 shares of the company traded hands, compared to its average volume of 67,512. The stock has a market capitalization of $448.79 million, a P/E ratio of 7.72 and a beta of 0.97. The company has a quick ratio of 0.73, a current ratio of 0.78 and a debt-to-equity ratio of 0.32. The company's fifty day moving average price is $19.61 and its 200-day moving average price is $21.16. Independent Bank has a 52-week low of $17.87 and a 52-week high of $26.00.
Independent Bank (NASDAQ:IBCP - Get Rating) last posted its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The firm had revenue of $50.69 million during the quarter, compared to analyst estimates of $47.75 million. Independent Bank had a return on equity of 16.01% and a net margin of 27.75%. During the same period in the prior year, the business posted $0.56 EPS. On average, sell-side analysts expect that Independent Bank will post 2.67 EPS for the current year.
Independent Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 16th. Stockholders of record on Friday, August 5th will be paid a $0.22 dividend. The ex-dividend date is Thursday, August 4th. This represents a $0.88 annualized dividend and a dividend yield of 4.13%. Independent Bank's dividend payout ratio (DPR) is 31.88%.
Wall Street Analysts Forecast Growth
IBCP has been the subject of a number of research reports. DA Davidson reiterated a "neutral" rating on shares of Independent Bank in a research note on Wednesday, July 27th. StockNews.com lowered shares of Independent Bank from a "buy" rating to a "hold" rating in a research note on Thursday, August 4th.
Insider Transactions at Independent Bank
In other news, SVP James J. Twarozynski sold 2,500 shares of the company's stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $20.47, for a total value of $51,175.00. Following the completion of the sale, the senior vice president now directly owns 8,409 shares in the company, valued at approximately $172,132.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Stefanie M. Kimball sold 2,239 shares of the company's stock in a transaction on 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 transaction, the executive vice president now owns 59,882 shares of the company's stock, valued at approximately $1,163,507.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP James J. Twarozynski sold 2,500 shares of the company's stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $20.47, for a total transaction of $51,175.00. Following the completion of the transaction, the senior vice president now directly 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 company insiders.