Kristopher Kreter Sells 300 Shares of Independent Bank (NASDAQ:IBCP) Stock

Independent Bank Corporation (NASDAQ:IBCP) insider Kristopher Kreter sold 300 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $37.11, for a total value of $11,133.00. Following the transaction, the insider directly owned 2,207 shares of the company’s stock, valued at $81,901.77. The trade was a 11.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Independent Bank Trading Down 0.3%

NASDAQ IBCP opened at $37.13 on Friday. The stock has a market cap of $824.29 million, a P/E ratio of 10.79 and a beta of 0.71. Independent Bank Corporation has a fifty-two week low of $29.83 and a fifty-two week high of $39.24. The stock has a 50 day simple moving average of $36.72 and a two-hundred day simple moving average of $35.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 0.95.

Independent Bank (NASDAQ:IBCP) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.06. The firm had revenue of $61.64 million for the quarter, compared to analysts’ expectations of $60.08 million. Independent Bank had a return on equity of 14.12% and a net margin of 22.32%.During the same period in the previous year, the firm earned $0.81 earnings per share. On average, analysts forecast that Independent Bank Corporation will post 3.59 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a $0.28 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.12 annualized dividend and a yield of 3.0%. Independent Bank’s payout ratio is 32.56%.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently made changes to their positions in IBCP. EverSource Wealth Advisors LLC grew its stake in shares of Independent Bank by 2,062.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 757 shares of the financial services provider’s stock worth $25,000 after buying an additional 722 shares during the last quarter. Larson Financial Group LLC purchased a new position in Independent Bank during the fourth quarter valued at $26,000. Aster Capital Management DIFC Ltd purchased a new position in Independent Bank during the fourth quarter valued at $27,000. Northwestern Mutual Wealth Management Co. bought a new stake in Independent Bank in the fourth quarter worth $29,000. Finally, Harbour Investments Inc. boosted its holdings in Independent Bank by 45.4% in the fourth quarter. Harbour Investments Inc. now owns 961 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 300 shares in the last quarter. 79.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Independent Bank Company Profile

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.