Independent Bank (NASDAQ:IBCP) EVP Sells $48,174.00 in Stock

Independent Bank Corporation (NASDAQ:IBCP) EVP Stefanie Kimball sold 1,400 shares of Independent Bank stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $34.41, for a total transaction of $48,174.00. Following the transaction, the executive vice president owned 64,327 shares in the company, valued at approximately $2,213,492.07. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Independent Bank Price Performance

IBCP opened at $34.32 on Monday. The stock has a fifty day moving average of $33.67 and a 200-day moving average of $33.88. The firm has a market capitalization of $707.34 million, a P/E ratio of 10.24 and a beta of 0.71. Independent Bank Corporation has a 12-month low of $29.63 and a 12-month high of $39.17. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Equities analysts forecast that Independent Bank Corporation will post 3.54 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 4th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, May 4th. Independent Bank’s payout ratio is 33.43%.

Wall Street Analyst Weigh In

IBCP has been the subject of a number of research analyst reports. Piper Sandler reduced their price target on shares of Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, April 27th. DA Davidson boosted their price objective on shares of Independent Bank from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $37.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its stake in shares of Independent Bank by 2,062.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 722 shares in the last quarter. Larson Financial Group LLC bought a new stake in shares of Independent Bank in the 4th quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Independent Bank in the 4th quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. acquired a new position in Independent Bank in the fourth quarter worth approximately $29,000. Finally, Harbour Investments Inc. increased its holdings in Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock worth $31,000 after buying an additional 300 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

Independent Bank Company Profile

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.