Independent Bank (NASDAQ:IBCP) Trading Up 4.8% – Still a Buy?

Shares of Independent Bank Co. (NASDAQ:IBCP) traded up 4.8% on Friday . The company traded as high as $33.60 and last traded at $33.60. 7,516 shares changed hands during trading, a decline of 92% from the average session volume of 95,514 shares. The stock had previously closed at $32.05.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $31.00 target price (up previously from $26.00) on shares of Independent Bank in a report on Monday, July 29th. Piper Sandler raised their price objective on shares of Independent Bank from $27.00 to $37.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th.

Independent Bank Stock Up 3.8 %

The company has a market cap of $695.41 million, a P/E ratio of 11.32 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.88 and a current ratio of 0.88. The business’s fifty day moving average is $32.80 and its two-hundred day moving average is $28.56.

Independent Bank (NASDAQ:IBCP) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.17. The firm had revenue of $81.51 million during the quarter, compared to analyst estimates of $53.50 million. Independent Bank had a return on equity of 16.90% and a net margin of 21.11%. During the same quarter in the previous year, the business earned $0.70 earnings per share. Equities analysts predict that Independent Bank Co. will post 3.13 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, August 5th. This represents a $0.96 annualized dividend and a dividend yield of 2.89%. Independent Bank’s dividend payout ratio is currently 32.65%.

Insider Buying and Selling

In related news, Director Christina Keller sold 1,400 shares of Independent Bank stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $32.85, for a total transaction of $45,990.00. Following the transaction, the director now directly owns 4,163 shares of the company’s stock, valued at $136,754.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 5.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in IBCP. Truist Financial Corp lifted its holdings in shares of Independent Bank by 8.4% during the 2nd quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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. Bailard Inc. increased its holdings in shares of Independent Bank by 8.8% during the second quarter. Bailard Inc. now owns 17,360 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 1,400 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Independent Bank by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,664 shares of the financial services provider’s stock valued at $1,362,000 after purchasing an additional 1,438 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in Independent Bank by 1.2% during the 2nd quarter. Federated Hermes Inc. now owns 123,475 shares of the financial services provider’s stock worth $3,334,000 after purchasing an additional 1,476 shares during the last quarter. Institutional investors own 79.43% of the company’s stock.

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.