Independent Bank Corp. (IBCP) Hits New 12-Month High at $16.15
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.
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