Independent Bank (NASDAQ:IBCP) Sets New 12-Month High – Here’s Why

Independent Bank Co. (NASDAQ:IBCP)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $37.53 and last traded at $37.53, with a volume of 5703 shares. The stock had previously closed at $33.17.

Analyst Ratings Changes

A number of equities analysts recently weighed in on IBCP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $31.00 price objective (up previously from $26.00) on shares of Independent Bank in a research report on Monday, July 29th. Piper Sandler raised their price target on shares of Independent Bank from $27.00 to $37.50 and gave the company a “neutral” rating in a research report on Monday, July 29th.

Independent Bank Trading Up 10.6 %

The business’s 50 day simple moving average is $33.19 and its 200 day simple moving average is $29.71. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $766.89 million, a price-to-earnings ratio of 11.28 and a beta of 0.99.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a net margin of 19.93% and a return on equity of 15.58%. The firm had revenue of $77.84 million during the quarter, compared to analysts’ expectations of $55.05 million. During the same quarter last year, the company posted $0.83 earnings per share. Research analysts anticipate that Independent Bank Co. will post 3.02 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.62%. Independent Bank’s dividend payout ratio (DPR) is presently 32.65%.

Insider Buying and Selling at Independent Bank

In other news, Director Christina Keller sold 1,400 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the completion of the transaction, the director now owns 4,163 shares in the company, valued at approximately $136,754.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.48% of the stock is owned by corporate insiders.

Institutional Trading of Independent Bank

Several institutional investors have recently made changes to their positions in IBCP. nVerses Capital LLC bought a new position in Independent Bank during the third quarter valued at approximately $27,000. CWM LLC raised its position in shares of Independent Bank by 1,729.2% in the second quarter. CWM LLC now owns 4,262 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 4,029 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Independent Bank by 36.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,630 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,225 shares during the period. Comerica Bank bought a new position in Independent Bank during the first quarter worth $173,000. Finally, Axxcess Wealth Management LLC bought a new position in Independent Bank during the first quarter worth $258,000. 79.43% of the stock is currently owned by institutional investors and hedge funds.

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.