Independent Bank Corp. (NASDAQ:IBCP)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $16.15 and last traded at $16.00, with a volume of 64,947 shares. The stock had previously closed at $15.74.

A number of brokerages have recently issued reports on IBCP. Zacks Investment Research upgraded shares of Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Monday, August 1st. Boenning Scattergood began coverage on shares of Independent Bank Corp. in a research report on Wednesday, May 4th. They set a “neutral” rating on the stock.

The stock has a 50-day moving average price of $14.89 and a 200 day moving average price of $14.75. The company has a market cap of $337.20 million and a P/E ratio of 16.76.

Independent Bank Corp. (NASDAQ:IBCP) last released its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. Equities research analysts anticipate that Independent Bank Corp. will post $1.02 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Monday, August 8th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Thursday, August 4th.

In related news, EVP Stefanie M. Kimball sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $14.85, for a total transaction of $44,550.00. Following the transaction, the executive vice president now directly owns 50,396 shares of the company’s stock, valued at $748,380.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with's FREE daily email newsletter.