Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski Sells 1,500 Shares

Independent Bank Co. (NASDAQ:IBCP) SVP James J. Twarozynski sold 1,500 shares of Independent Bank stock in a transaction on Monday, April 29th. The stock was sold at an average price of $25.00, for a total transaction of $37,500.00. Following the transaction, the senior vice president now directly owns 8,366 shares in the company, valued at $209,150. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Independent Bank Price Performance

NASDAQ IBCP traded up $0.10 on Monday, reaching $25.09. 17,010 shares of the company’s stock traded hands, compared to its average volume of 77,169. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $524.53 million, a PE ratio of 8.50 and a beta of 0.97. The stock has a 50-day simple moving average of $24.31 and a 200 day simple moving average of $23.58. Independent Bank Co. has a 12 month low of $14.90 and a 12 month high of $27.39.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. The business had revenue of $49.21 million for the quarter, compared to the consensus estimate of $51.50 million. Independent Bank had a net margin of 20.45% and a return on equity of 16.88%. As a group, research analysts predict that Independent Bank Co. will post 2.99 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Thursday, May 2nd. Independent Bank’s payout ratio is 32.65%.

Analyst Upgrades and Downgrades

Separately, Hovde Group assumed coverage on Independent Bank in a research report on Monday, March 4th. They set a “market perform” rating on the stock.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of Independent Bank by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 977,832 shares of the financial services provider’s stock valued at $25,444,000 after buying an additional 13,962 shares in the last quarter. FMR LLC lifted its position in shares of Independent Bank by 12.8% during the third quarter. FMR LLC now owns 773,868 shares of the financial services provider’s stock worth $14,193,000 after purchasing an additional 87,852 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Independent Bank by 3.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 413,540 shares of the financial services provider’s stock valued at $10,483,000 after acquiring an additional 14,669 shares in the last quarter. American Century Companies Inc. raised its position in Independent Bank by 10.1% during the 3rd quarter. American Century Companies Inc. now owns 234,147 shares of the financial services provider’s stock valued at $4,294,000 after purchasing an additional 21,567 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Independent Bank by 2.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 209,447 shares of the financial services provider’s stock worth $3,841,000 after purchasing an additional 5,956 shares during the period. Hedge funds and other institutional investors own 79.43% of the company’s stock.

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.