Independent Bank Co. (NASDAQ:IBCP - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $39.52 and last traded at $39.52, with a volume of 2301 shares traded. The stock had previously closed at $38.99.
Analyst Ratings Changes
A number of equities analysts have weighed in on the stock. Piper Sandler lifted their price target 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. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.
Read Our Latest Stock Analysis on Independent Bank
Independent Bank Stock Down 0.5 %
The company has a market cap of $810.32 million, a price-to-earnings ratio of 13.26 and a beta of 0.99. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18. The stock has a 50-day simple moving average of $33.51 and a 200-day simple moving average of $30.07.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to analysts' expectations of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter last year, the company posted $0.83 EPS. As a group, analysts predict that Independent Bank Co. will post 3.02 EPS for the current year.
Independent Bank Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Tuesday, November 5th. Independent Bank's dividend payout ratio is currently 32.65%.
Insider Activity at Independent Bank
In other news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the sale, the director now directly owns 4,163 shares in the company, valued at $136,754.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.45% of the company's stock.
Institutional Trading of Independent Bank
Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its position in shares of Independent Bank by 86.6% during the 1st quarter. Russell Investments Group Ltd. now owns 109,203 shares of the financial services provider's stock worth $2,768,000 after purchasing an additional 50,681 shares during the last quarter. Boston Partners acquired a new position in Independent Bank in the first quarter worth about $1,168,000. Acadian Asset Management LLC raised its holdings in shares of Independent Bank by 27.8% in the 2nd quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider's stock worth $11,432,000 after buying an additional 92,148 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Independent Bank by 14.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 206,619 shares of the financial services provider's stock valued at $5,579,000 after purchasing an additional 26,674 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Independent Bank in the second quarter worth $3,147,000. Institutional investors own 79.43% of the company's stock.
Independent Bank Company Profile
(
Get Free Report)
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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