Independent Bank (NASDAQ:IBCP) Share Price Passes Above 50 Day Moving Average - What's Next?

Shares of Independent Bank Co. (NASDAQ:IBCP - Get Free Report) crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $35.66 and traded as high as $36.41. Independent Bank shares last traded at $36.01, with a volume of 79,332 shares trading hands.

Wall Street Analyst Weigh In

IBCP has been the subject of several analyst reports. DA Davidson lifted their price target on shares of Independent Bank from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $41.00 price objective (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Stock Performance

The firm's 50-day moving average price is $35.48 and its 200 day moving average price is $34.65. 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 has a market cap of $733.59 million, a price-to-earnings ratio of 11.11 and a beta of 1.03.

Independent Bank (NASDAQ:IBCP - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, sell-side analysts anticipate that Independent Bank Co. will post 3.22 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a dividend of $0.26 per share. This is an increase from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.96%. The ex-dividend date is Tuesday, February 4th. Independent Bank's dividend payout ratio (DPR) is 32.91%.

Insider Buying and Selling

In other news, EVP Gavin A. Mohr bought 800 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares in the company, valued at $685,082.02. This represents a 4.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently made changes to their positions in the business. Truist Financial Corp boosted its holdings in Independent Bank by 8.4% during the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider's stock worth $383,000 after purchasing an additional 1,100 shares during the last quarter. CWM LLC lifted its position in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider's stock worth $210,000 after buying an additional 2,025 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Independent Bank during the 3rd quarter worth about $27,000. Principal Financial Group Inc. grew its holdings in shares of Independent Bank by 28.7% in the 3rd quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider's stock valued at $11,660,000 after acquiring an additional 77,874 shares in the last quarter. Finally, Summit Global Investments acquired a new stake in shares of Independent Bank in the third quarter valued at about $344,000. 79.43% of the stock is owned by institutional investors.

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.