Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr Buys 800 Shares

Independent Bank Co. (NASDAQ:IBCP) EVP Gavin A. Mohr purchased 800 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were bought 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. The trade was a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link.

Independent Bank Trading Up 2.1 %

NASDAQ IBCP opened at $38.50 on Friday. Independent Bank Co. has a one year low of $20.50 and a one year high of $39.52. The firm has a 50 day simple moving average of $34.34 and a 200-day simple moving average of $30.80. The firm has a market cap of $804.27 million, a price-to-earnings ratio of 13.10 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88.

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

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. Independent Bank’s dividend payout ratio is currently 32.65%.

Analysts Set New Price Targets

A number of research firms recently weighed in on IBCP. Piper Sandler increased their price objective 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 restated a “market perform” rating and set a $31.00 price target (up from $26.00) on shares of Independent Bank in a research report on Monday, July 29th.

Institutional Investors Weigh In On Independent Bank

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