Independent Bank (NASDAQ:IBCP) Share Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Independent Bank Corporation (NASDAQ:IBCP)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $35.08 and traded as high as $38.56. Independent Bank shares last traded at $38.31, with a volume of 195,243 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods increased their price target on Independent Bank from $37.00 to $38.00 and gave the company a “market perform” rating in a research note on Friday, July 24th. Hovde Group upgraded Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $36.00 to $41.00 in a research report on Friday, July 10th. DA Davidson upped their target price on Independent Bank from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Tuesday, June 9th. Finally, Piper Sandler increased their target price on Independent Bank from $37.00 to $42.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $39.50.

Independent Bank Price Performance

The company’s 50 day moving average price is $36.48 and its 200-day moving average price is $35.08. The stock has a market cap of $850.48 million, a P/E ratio of 11.14 and a beta of 0.71. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.32.

Independent Bank (NASDAQ:IBCP) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.06. The company had revenue of $61.64 million for the quarter, compared to analysts’ expectations of $60.08 million. Independent Bank had a net margin of 22.32% and a return on equity of 14.12%. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, sell-side analysts expect that Independent Bank Corporation will post 3.59 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.12 annualized dividend and a yield of 2.9%. Independent Bank’s payout ratio is presently 32.56%.

Insider Activity at Independent Bank

In other news, EVP Stefanie M. Kimball sold 1,400 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $34.41, for a total value of $48,174.00. Following the completion of the sale, the executive vice president owned 64,327 shares of the company’s stock, valued at approximately $2,213,492.07. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 5.91% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbour Investments Inc. increased its position in Independent Bank by 45.4% during the 4th quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 300 shares during the period. Hudson Edge Investment Partners Inc. raised its holdings in Independent Bank by 0.9% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 34,655 shares of the financial services provider’s stock worth $1,127,000 after purchasing an additional 318 shares during the last quarter. Occudo Quantitative Strategies LP lifted its position in shares of Independent Bank by 3.2% in the 4th quarter. Occudo Quantitative Strategies LP now owns 11,525 shares of the financial services provider’s stock worth $375,000 after purchasing an additional 355 shares during the period. Cetera Investment Advisers lifted its position in shares of Independent Bank by 1.7% in the 4th quarter. Cetera Investment Advisers now owns 22,254 shares of the financial services provider’s stock worth $724,000 after purchasing an additional 363 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Independent Bank by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,816 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 464 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

About Independent Bank

Independent Bank Corporation (NASDAQ: IBCP) is a bank holding company headquartered in Grand Rapids, Michigan. Through its primary subsidiary, Independent Bank, the company offers a full range of commercial and personal banking services designed to meet the needs of individuals, small businesses and corporate clients. The company’s offerings span traditional branch-based banking as well as digital and mobile platforms.

Independent Bank provides deposit products such as checking and savings accounts, money market accounts and certificates of deposit.