Stefanie Kimball Sells 1,400 Shares of Independent Bank (NASDAQ:IBCP) Stock

Independent Bank Corporation (NASDAQ:IBCP) EVP Stefanie Kimball sold 1,400 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $34.41, for a total value of $48,174.00. Following the transaction, the executive vice president owned 64,327 shares of the company’s stock, valued at $2,213,492.07. The trade was a 2.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Independent Bank Stock Performance

Shares of IBCP stock traded up $0.18 on Friday, hitting $34.32. 96,586 shares of the stock were exchanged, compared to its average volume of 165,887. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $707.20 million, a PE ratio of 10.24 and a beta of 0.71. Independent Bank Corporation has a one year low of $29.63 and a one year high of $39.17. The firm’s 50 day moving average is $33.63 and its two-hundred day moving average is $33.86.

Independent Bank (NASDAQ:IBCP) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.02. The company had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.36 million. Independent Bank had a return on equity of 14.15% and a net margin of 22.02%. Sell-side analysts expect that Independent Bank Corporation will post 3.54 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 4th were paid a $0.28 dividend. The ex-dividend date was Monday, May 4th. This represents a $1.12 annualized dividend and a yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is currently 33.43%.

Analyst Upgrades and Downgrades

IBCP has been the subject of several analyst reports. DA Davidson raised their target price on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Piper Sandler cut their target price on Independent Bank from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, April 27th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $37.00.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds have recently made changes to their positions in IBCP. Algebris UK Ltd. bought a new position in Independent Bank during the fourth quarter valued at approximately $6,943,000. Millennium Management LLC raised its holdings in shares of Independent Bank by 60.5% in the third quarter. Millennium Management LLC now owns 389,220 shares of the financial services provider’s stock worth $12,056,000 after buying an additional 146,646 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Independent Bank by 25.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 377,891 shares of the financial services provider’s stock worth $12,293,000 after buying an additional 76,811 shares during the period. Maltese Capital Management LLC increased its holdings in Independent Bank by 77.9% during the 3rd quarter. Maltese Capital Management LLC now owns 155,000 shares of the financial services provider’s stock worth $4,801,000 after purchasing an additional 67,859 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new position in Independent Bank during the 4th quarter worth $1,809,000. 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.