Kristopher Kreter Sells 300 Shares of Independent Bank (NASDAQ:IBCP) Stock

Independent Bank Corporation (NASDAQ:IBCP) insider Kristopher Kreter sold 300 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $37.11, for a total transaction of $11,133.00. Following the completion of the transaction, the insider directly owned 2,207 shares of the company’s stock, valued at approximately $81,901.77. The trade was a 11.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Independent Bank Price Performance

Shares of IBCP traded down $0.07 during mid-day trading on Thursday, reaching $36.88. 13,422 shares of the stock traded hands, compared to its average volume of 175,280. The company has a market cap of $818.72 million, a price-to-earnings ratio of 10.72 and a beta of 0.71. Independent Bank Corporation has a 1 year low of $29.83 and a 1 year high of $39.24. The firm has a fifty day moving average price of $36.64 and a 200 day moving average price of $35.15. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.06. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%.The company had revenue of $61.64 million during the quarter, compared to analyst estimates of $60.08 million. During the same quarter last year, the company earned $0.81 earnings per share. As a group, equities research analysts predict that Independent Bank Corporation will post 3.59 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, August 4th. Independent Bank’s dividend payout ratio (DPR) is 32.56%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday, June 9th. DA Davidson boosted their price target on shares of Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Hovde Group raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $36.00 to $41.00 in a report on Friday, July 10th. Piper Sandler raised their price objective on shares of Independent Bank from $37.00 to $42.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank from $37.00 to $38.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $39.50.

Institutional Investors Weigh In On Independent Bank

Institutional investors have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd boosted its position in Independent Bank by 204.6% during the first quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock valued at $2,148,000 after buying an additional 43,332 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Independent Bank by 20.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 181,515 shares of the financial services provider’s stock worth $6,044,000 after buying an additional 30,582 shares during the period. Sei Investments Co. lifted its stake in shares of Independent Bank by 35.5% in the 1st quarter. Sei Investments Co. now owns 110,479 shares of the financial services provider’s stock valued at $3,679,000 after acquiring an additional 28,961 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Independent Bank by 68.7% in the 4th quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock valued at $1,340,000 after acquiring an additional 16,829 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in Independent Bank during the 4th quarter valued at about $1,809,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.