Patrick J. Ervin Acquires 275 Shares of Independent Bank Co. (NASDAQ:IBCP) Stock

Independent Bank Co. (NASDAQ:IBCP) EVP Patrick J. Ervin acquired 275 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was bought at an average price of $37.94 per share, with a total value of $10,433.50. Following the acquisition, the executive vice president now directly owns 34,813 shares in the company, valued at $1,320,805.22. This represents a 0.80 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

Independent Bank Trading Up 1.5 %

Independent Bank stock opened at $38.25 on Thursday. Independent Bank Co. has a 52 week low of $22.08 and a 52 week high of $40.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $799.20 million, a P/E ratio of 13.01 and a beta of 1.02. The stock has a 50-day simple moving average of $34.90 and a 200 day simple moving average of $31.46.

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 analysts’ consensus estimates of $0.76 by ($0.11). The business had revenue of $77.84 million for the quarter, compared to the consensus estimate 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 in the previous year, the business posted $0.83 EPS. Analysts expect that Independent Bank Co. will post 3.02 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.96 annualized dividend and a yield of 2.51%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI acquired a new stake in Independent Bank during the third quarter worth approximately $26,000. nVerses Capital LLC acquired a new stake in Independent Bank during the third quarter worth approximately $27,000. CWM LLC lifted its position in Independent Bank by 1,729.2% during the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 4,029 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Independent Bank by 36.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 1,225 shares during the last quarter. Finally, Comerica Bank acquired a new stake in Independent Bank during the first quarter worth approximately $173,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their price target on Independent Bank from $33.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday.

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.