Independent Bank Co. (NASDAQ:IBCP - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $33.23, but opened at $31.95. Independent Bank shares last traded at $31.53, with a volume of 6,471 shares.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Independent Bank from $27.00 to $37.50 and gave the stock a "neutral" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $31.00 target price (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.
Read Our Latest Research Report on IBCP
Independent Bank Trading Down 1.5 %
The stock has a market capitalization of $684.33 million, a PE ratio of 11.14 and a beta of 0.99. The stock's 50 day moving average price is $33.20 and its 200-day moving average price is $29.08. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.30.
Independent Bank (NASDAQ:IBCP - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.17. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. The business had revenue of $81.51 million for the quarter, compared to analysts' expectations of $53.50 million. During the same period last year, the firm earned $0.70 earnings per share. On average, sell-side analysts expect that Independent Bank Co. will post 3.13 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Tuesday, November 5th. Independent Bank's dividend payout ratio (DPR) is presently 32.65%.
Insider Buying and Selling
In other news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the sale, the director now owns 4,163 shares in the company, valued at $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.45% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in IBCP. Vanguard Group Inc. lifted its position in shares of Independent Bank by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider's stock worth $27,392,000 after buying an additional 12,851 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider's stock worth $26,603,000 after acquiring an additional 10,193 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Independent Bank by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider's stock valued at $16,060,000 after acquiring an additional 18,000 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Independent Bank by 27.8% in the second quarter. Acadian Asset Management LLC now owns 423,631 shares of the financial services provider's stock valued at $11,432,000 after purchasing an additional 92,148 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Independent Bank by 16.8% in the second quarter. American Century Companies Inc. now owns 415,551 shares of the financial services provider's stock worth $11,220,000 after purchasing an additional 59,794 shares during the last quarter. Hedge funds and other 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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