William Kessel Sells 2,000 Shares of Independent Bank (NASDAQ:IBCP) Stock

Independent Bank Corporation (NASDAQ:IBCP) CEO William Kessel sold 2,000 shares of Independent Bank stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $37.28, for a total transaction of $74,560.00. Following the completion of the transaction, the chief executive officer directly owned 157,836 shares in the company, valued at approximately $5,884,126.08. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Independent Bank Trading Down 1.0%

IBCP traded down $0.37 during trading on Wednesday, hitting $36.98. 22,948 shares of the stock traded hands, compared to its average volume of 173,840. The firm has a market capitalization of $820.92 million, a P/E ratio of 10.75 and a beta of 0.70. Independent Bank Corporation has a 12-month low of $29.83 and a 12-month high of $39.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a 50-day moving average of $37.24 and a 200 day moving average of $35.25.

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

Independent Bank Dividend Announcement

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

Analysts Set New Price Targets

IBCP has been the topic of several research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Friday, September 4th. Keefe, Bruyette & Woods raised their price target on Independent Bank from $37.00 to $38.00 and gave the stock a “market perform” rating in a research note on Friday, July 24th. Hovde Group raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $36.00 to $41.00 in a research report on Friday, July 10th. Finally, Piper Sandler lifted their target price on shares of Independent Bank from $37.00 to $42.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Independent Bank presently has an average rating of “Hold” and a consensus target price of $39.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IBCP. Y Intercept Hong Kong Ltd grew its position in Independent Bank by 204.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 64,512 shares of the financial services provider’s stock valued at $2,148,000 after purchasing an additional 43,332 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in 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 last quarter. Bank of America Corp DE lifted its stake in shares of Independent Bank by 50.6% in the first quarter. Bank of America Corp DE now owns 91,106 shares of the financial services provider’s stock worth $3,034,000 after buying an additional 30,622 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Independent Bank by 35.5% during the first quarter. Sei Investments Co. now owns 110,479 shares of the financial services provider’s stock valued at $3,679,000 after buying an additional 28,961 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Independent Bank by 68.7% during the fourth quarter. Hsbc Holdings PLC now owns 41,334 shares of the financial services provider’s stock valued at $1,340,000 after buying an additional 16,829 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company whose principal subsidiary, Independent Bank, provides banking and financial services to individuals, families, businesses and institutions. The company operates as a community bank, emphasizing local decision-making and relationship-based service.

Independent Bank’s offerings include checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing, commercial real estate loans and business lending.