Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski Sells 1,000 Shares

Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 13th. The stock was sold at an average price of $22.80, for a total transaction of $22,800.00. Following the sale, the senior vice president now directly owns 9,048 shares in the company, valued at $206,294.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

NASDAQ:IBCP opened at $23.73 on Monday. Independent Bank Co. has a 12 month low of $11.42 and a 12 month high of $24.73. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.79. The firm has a market capitalization of $516.96 million, a PE ratio of 9.97 and a beta of 1.06. The business’s fifty day moving average price is $23.56 and its 200 day moving average price is $20.34.

Independent Bank (NASDAQ:IBCP) last released its quarterly earnings data on Monday, April 26th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.43. Independent Bank had a return on equity of 15.01% and a net margin of 24.64%. As a group, equities analysts anticipate that Independent Bank Co. will post 2.4 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Wednesday, May 5th were paid a $0.21 dividend. The ex-dividend date was Tuesday, May 4th. This represents a $0.84 annualized dividend and a yield of 3.54%. Independent Bank’s dividend payout ratio is currently 42.00%.

A number of institutional investors and hedge funds have recently made changes to their positions in IBCP. Principal Financial Group Inc. increased its position in Independent Bank by 25.5% during the fourth quarter. Principal Financial Group Inc. now owns 265,357 shares of the financial services provider’s stock worth $4,901,000 after buying an additional 53,857 shares during the period. Foundry Partners LLC grew its position in shares of Independent Bank by 4.2% during the fourth quarter. Foundry Partners LLC now owns 220,477 shares of the financial services provider’s stock worth $4,072,000 after acquiring an additional 8,835 shares during the last quarter. Ziegler Capital Management LLC increased its holdings in shares of Independent Bank by 21.6% in the 1st quarter. Ziegler Capital Management LLC now owns 60,079 shares of the financial services provider’s stock valued at $1,420,000 after acquiring an additional 10,664 shares during the period. Aperio Group LLC raised its position in Independent Bank by 27.5% in the 4th quarter. Aperio Group LLC now owns 23,712 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 5,114 shares during the last quarter. Finally, HighTower Advisors LLC acquired a new stake in Independent Bank during the 4th quarter worth $190,000. 77.66% of the stock is owned by hedge funds and other institutional investors.

Separately, Zacks Investment Research downgraded shares of Independent Bank from a “buy” rating to a “hold” rating in a research note on Thursday, April 29th.

About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services.

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