Insider Buying: Independent Bank Co. (NASDAQ:IBCP) EVP Purchases 275 Shares of Stock

Independent Bank Co. (NASDAQ:IBCP) EVP Patrick J. Ervin purchased 275 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was bought at an average cost of $37.94 per share, with a total value of $10,433.50. Following the completion of the transaction, the executive vice president now directly owns 34,813 shares in the company, valued at $1,320,805.22. The trade was a 0.80 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Trading Down 0.3 %

NASDAQ IBCP opened at $37.69 on Wednesday. The firm has a market capitalization of $787.34 million, a P/E ratio of 12.82 and a beta of 1.02. The business has a fifty day simple moving average of $34.81 and a 200 day simple moving average of $31.38. Independent Bank Co. has a 12 month low of $20.50 and a 12 month high of $40.32. 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 released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.11). The company had revenue of $77.84 million during the quarter, compared to analysts’ expectations of $55.05 million. Independent Bank had a net margin of 19.93% and a return on equity of 15.26%. During the same period in the previous year, the company posted $0.83 earnings per share. On average, analysts predict that Independent Bank Co. will post 3.02 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced 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 2.55%. The ex-dividend date of this dividend was Tuesday, November 5th. Independent Bank’s dividend payout ratio is presently 32.65%.

Institutional Investors Weigh In On Independent Bank

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Independent Bank by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,080,542 shares of the financial services provider’s stock valued at $27,392,000 after purchasing an additional 12,851 shares during the last quarter. FMR LLC grew its stake in shares of Independent Bank by 7.2% during the 3rd quarter. FMR LLC now owns 1,034,775 shares of the financial services provider’s stock worth $34,510,000 after acquiring an additional 69,504 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Independent Bank by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,364 shares of the financial services provider’s stock worth $26,603,000 after acquiring an additional 10,193 shares during the period. State Street Corp grew its stake in shares of Independent Bank by 4.8% during the 3rd quarter. State Street Corp now owns 647,579 shares of the financial services provider’s stock worth $21,597,000 after acquiring an additional 29,475 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Independent Bank by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 594,800 shares of the financial services provider’s stock worth $16,060,000 after acquiring an additional 18,000 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Company Profile

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.