Independent Bank Co. (NASDAQ:IBCP) EVP Buys $29,368.00 in Stock

Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated Wednesday, November 20th. The shares were bought at an average price of $36.71 per share, for a total transaction of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares in the company, valued at approximately $685,082.02. This represents a 4.48 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Independent Bank Trading Up 1.8 %

Shares of IBCP stock traded up $0.65 on Thursday, hitting $37.72. 59,494 shares of the company’s stock traded hands, compared to its average volume of 95,738. The stock has a market capitalization of $787.97 million, a price-to-earnings ratio of 12.61 and a beta of 0.99. Independent Bank Co. has a one year low of $20.50 and a one year high of $39.52. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The company’s fifty day simple moving average is $34.15 and its 200 day simple moving average is $30.65.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to the consensus estimate of $55.05 million. Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. During the same period last year, the business earned $0.83 EPS. Equities analysts forecast that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Analysts Set New Price Targets

Several equities analysts recently commented on IBCP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler increased their target price on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a report on Monday, July 29th.

Institutional Investors Weigh In On Independent Bank

Large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its stake in shares of Independent Bank by 1.5% during the 3rd quarter. HighTower Advisors LLC now owns 26,672 shares of the financial services provider’s stock valued at $889,000 after purchasing an additional 384 shares in the last quarter. National Bank of Canada FI bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $26,000. nVerses Capital LLC bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $27,000. Truist Financial Corp boosted its stake in shares of Independent Bank by 8.4% during the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Independent Bank by 36.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,225 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.

Independent Bank Company Profile

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.