Insider Buying: Independent Bank Co. (NASDAQ:IBCP) EVP Purchases 800 Shares of Stock

Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $36.71 per share, with a total value of $29,368.00. Following the completion of the transaction, the executive vice president now owns 18,662 shares of the company’s stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Price Performance

Shares of IBCP opened at $38.50 on Friday. The stock has a market cap of $804.27 million, a P/E ratio of 13.10 and a beta of 0.99. Independent Bank Co. has a 1 year low of $20.50 and a 1 year high of $39.52. The stock’s 50-day moving average price is $34.34 and its two-hundred day moving average price is $30.83. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The firm had revenue of $77.84 million during the quarter, compared to analyst estimates of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same quarter in the prior year, the business earned $0.83 earnings per share. On average, equities analysts predict that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.49%. The ex-dividend date was Tuesday, November 5th. Independent Bank’s dividend payout ratio is 32.65%.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in Independent Bank by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 499,546 shares of the financial services provider’s stock valued at $16,663,000 after acquiring an additional 1,831 shares in the last quarter. Barclays PLC raised its holdings in shares of Independent Bank by 38.1% in the third quarter. Barclays PLC now owns 82,357 shares of the financial services provider’s stock valued at $2,748,000 after purchasing an additional 22,728 shares during the last quarter. Zacks Investment Management bought a new stake in shares of Independent Bank in the third quarter worth $221,000. National Bank of Canada FI acquired a new position in Independent Bank during the third quarter worth $26,000. Finally, Jane Street Group LLC grew its position in Independent Bank by 11.6% in the third quarter. Jane Street Group LLC now owns 21,360 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 2,213 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IBCP. Piper Sandler lifted their price target on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $31.00 price objective (up from $26.00) on shares of Independent Bank in a research note on Monday, July 29th.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.