Independent Bank Corp. (NASDAQ:IBCP) Director Terry L. Haske sold 764 shares of Independent Bank Corp. stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $16.88, for a total value of $12,896.32. Following the transaction, the director now owns 32,315 shares in the company, valued at $545,477.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of Independent Bank Corp. (NASDAQ:IBCP) opened at 18.65 on Wednesday. Independent Bank Corp. has a 1-year low of $13.42 and a 1-year high of $18.85. The firm has a 50 day moving average price of $16.84 and a 200 day moving average price of $15.73. The firm has a market cap of $396.22 million, a P/E ratio of 18.21 and a beta of 0.45.

Independent Bank Corp. (NASDAQ:IBCP) last issued its quarterly earnings results on Thursday, October 27th. The financial services provider reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.04. Independent Bank Corp. had a net margin of 18.07% and a return on equity of 9.10%. Analysts anticipate that Independent Bank Corp. will post $1.05 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Monday, November 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 2.14%. This is a boost from Independent Bank Corp.’s previous quarterly dividend of $0.08. Independent Bank Corp.’s dividend payout ratio is 38.46%.

Several research analysts have weighed in on the company. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Monday, October 31st. Hovde Group assumed coverage on Independent Bank Corp. in a report on Friday, September 23rd. They set a “market perform” rating and a $17.50 target price on the stock.

Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in shares of Independent Bank Corp. by 10.0% in the second quarter. Victory Capital Management Inc. now owns 59,610 shares of the financial services provider’s stock worth $865,000 after buying an additional 5,400 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Independent Bank Corp. by 76.1% in the second quarter. JPMorgan Chase & Co. now owns 167,425 shares of the financial services provider’s stock worth $2,429,000 after buying an additional 72,325 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Independent Bank Corp. by 7.4% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,830 shares of the financial services provider’s stock worth $752,000 after buying an additional 3,550 shares during the period. LSV Asset Management boosted its stake in shares of Independent Bank Corp. by 394.6% in the second quarter. LSV Asset Management now owns 174,600 shares of the financial services provider’s stock worth $2,533,000 after buying an additional 139,300 shares during the period. Finally, Boston Partners boosted its stake in shares of Independent Bank Corp. by 2.5% in the second quarter. Boston Partners now owns 234,940 shares of the financial services provider’s stock worth $3,409,000 after buying an additional 5,790 shares during the period. 78.87% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Corp. Company Profile

Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.

5 Day Chart for NASDAQ:IBCP

Receive News & Stock Ratings for Independent Bank Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Corp. and related stocks with our FREE daily email newsletter.