Key Points
- SVP James Twarozynski sold 486 shares of Independent Bank (IBCP) on Nov. 21 at an average price of $31.64 for $15,377, trimming his position by 5.45% to 8,436 shares; the trade was disclosed in an SEC filing.
- Stock and company snapshot: IBCP traded up about 2.8% to $31.46, has a market cap of roughly $651M and a P/E of 9.65, pays a $0.26 quarterly dividend (3.3% yield), and recently posted EPS of $0.84 (beat by $0.01) while revenue missed estimates.
Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) SVP James Twarozynski sold 486 shares of the firm's stock in a transaction on Friday, November 21st. The stock was sold at an average price of $31.64, for a total value of $15,377.04. Following the sale, the senior vice president owned 8,436 shares in the company, valued at $266,915.04. This trade represents a 5.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Independent Bank Trading Up 2.8%
Independent Bank stock traded up $0.85 during trading on Friday, hitting $31.46. The company's stock had a trading volume of 121,348 shares, compared to its average volume of 102,551. The stock's fifty day moving average is $31.13 and its 200 day moving average is $31.79. Independent Bank Corporation has a 1-year low of $26.75 and a 1-year high of $40.32. The stock has a market capitalization of $650.97 million, a price-to-earnings ratio of 9.65 and a beta of 0.86. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 0.92.
Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Independent Bank had a return on equity of 14.76% and a net margin of 21.25%.The company had revenue of $45.80 million during the quarter, compared to analysts' expectations of $50.18 million. As a group, equities research analysts predict that Independent Bank Corporation will post 3.22 EPS for the current year.
Independent Bank Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, November 4th. Independent Bank's payout ratio is presently 31.90%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Nuveen LLC acquired a new stake in shares of Independent Bank in the first quarter worth $13,123,000. Assenagon Asset Management S.A. acquired a new stake in Independent Bank in the 3rd quarter valued at $6,394,000. CSM Advisors LLC acquired a new stake in Independent Bank in the 2nd quarter valued at $6,611,000. Millennium Management LLC raised its position in Independent Bank by 60.5% in the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider's stock valued at $12,056,000 after purchasing an additional 146,646 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Independent Bank by 9.5% during the first quarter. Vanguard Group Inc. now owns 1,335,049 shares of the financial services provider's stock worth $41,106,000 after purchasing an additional 116,339 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have weighed in on IBCP. DA Davidson increased their price target on shares of Independent Bank from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Weiss Ratings lowered Independent Bank from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Saturday, October 25th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $36.00.
Get Our Latest Research Report on Independent Bank
Independent Bank Company Profile
(
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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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