Key Points
- Insider sale: Kristopher Kreter sold 300 Independent Bank shares for approximately $11,133, reducing his direct ownership by 11.97% to 2,207 shares.
- Strong quarterly results: Independent Bank reported quarterly EPS of $0.90, exceeding analyst estimates of $0.84, while revenue of $61.64 million also surpassed expectations.
- Mixed but generally steady outlook: Analysts maintain a consensus “Hold” rating with a $39.50 price target, while the company pays a quarterly dividend of $0.28 per share, yielding about 3.0%.
Independent Bank Corporation (NASDAQ:IBCP - Get Free Report) insider Kristopher Kreter sold 300 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $37.11, for a total transaction of $11,133.00. Following the sale, the insider directly owned 2,207 shares in the company, valued at $81,901.77. This trade represents a 11.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Independent Bank Price Performance
Shares of Independent Bank stock opened at $37.26 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.32. Independent Bank Corporation has a twelve month low of $29.83 and a twelve month high of $39.24. The business has a 50-day moving average price of $36.68 and a 200 day moving average price of $35.17. The firm has a market cap of $827.17 million, a PE ratio of 10.83 and a beta of 0.71.
Independent Bank (NASDAQ:IBCP - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.06. The company had revenue of $61.64 million during the quarter, compared to analysts' expectations of $60.08 million. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%.During the same quarter in the prior year, the firm posted $0.81 EPS. Sell-side analysts predict that Independent Bank Corporation will post 3.59 earnings per share for the current fiscal year.
Independent Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, August 4th. Independent Bank's dividend payout ratio is presently 32.56%.
Analyst Upgrades and Downgrades
IBCP has been the topic of a number of research analyst reports. DA Davidson lifted their price target on shares of Independent Bank from $36.00 to $37.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Piper Sandler upped their price objective on shares of Independent Bank from $37.00 to $42.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Independent Bank in a report on Tuesday, June 9th. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank from $37.00 to $38.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Finally, Hovde Group raised shares of Independent Bank from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $36.00 to $41.00 in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of "Hold" and a consensus price target of $39.50.
View Our Latest Analysis on IBCP
Institutional Investors Weigh In On Independent Bank
Hedge funds have recently modified their holdings of the business. State Street Corp grew its stake in Independent Bank by 4.5% during the 4th quarter. State Street Corp now owns 657,276 shares of the financial services provider's stock valued at $21,381,000 after acquiring an additional 28,516 shares in the last quarter. Millennium Management LLC lifted its stake in Independent Bank by 60.5% in the 3rd quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider's stock worth $12,056,000 after purchasing an additional 146,646 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Independent Bank by 25.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider's stock worth $12,293,000 after purchasing an additional 76,811 shares during the last quarter. Nuveen LLC boosted its holdings in shares of Independent Bank by 13.5% during the 4th quarter. Nuveen LLC now owns 330,251 shares of the financial services provider's stock worth $10,743,000 after purchasing an additional 39,193 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new stake in shares of Independent Bank in the fourth quarter valued at approximately $6,943,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.
About Independent Bank
(
Get Free Report)
Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company's offerings span traditional branch-based banking as well as digital and mobile platforms.
Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.
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