Independent Bank (NASDAQ:IBCP) Stock Price Passes Above Fifty Day Moving Average – Should You Sell?

Independent Bank Co. (NASDAQ:IBCP)’s share price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $35.66 and traded as high as $36.41. Independent Bank shares last traded at $36.01, with a volume of 79,332 shares trading hands.

Analyst Upgrades and Downgrades

IBCP has been the subject of a number of research reports. DA Davidson upped their price objective on shares of Independent Bank from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $41.00 price target (up previously from $39.00) on shares of Independent Bank in a research report on Friday, January 24th.

Independent Bank Trading Down 0.6 %

The company has a 50-day moving average price of $35.66 and a 200 day moving average price of $34.61. The stock has a market capitalization of $752.39 million, a P/E ratio of 11.40 and a beta of 1.03. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.

Independent Bank (NASDAQ:IBCP) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Independent Bank had a net margin of 20.67% and a return on equity of 15.43%. On average, research analysts forecast that Independent Bank Co. will post 3.22 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.89%. This is an increase from Independent Bank’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, February 4th. Independent Bank’s dividend payout ratio (DPR) is 32.91%.

Insiders Place Their Bets

In other Independent Bank news, EVP Gavin A. Mohr acquired 800 shares of the stock in a transaction dated Wednesday, November 20th. The stock was purchased at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now directly owns 18,662 shares of the company’s stock, valued at $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.45% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp increased its holdings in shares of Independent Bank by 8.4% during the second quarter. Truist Financial Corp now owns 14,181 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 1,100 shares in the last quarter. SG Americas Securities LLC grew its position in Independent Bank by 36.8% during the 3rd quarter. SG Americas Securities LLC now owns 15,655 shares of the financial services provider’s stock worth $522,000 after purchasing an additional 4,210 shares during the last quarter. CWM LLC increased its stake in Independent Bank by 47.5% during the 3rd quarter. CWM LLC now owns 6,287 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 2,025 shares in the last quarter. nVerses Capital LLC acquired a new position in Independent Bank during the 3rd quarter valued at approximately $27,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Independent Bank by 28.7% in the third quarter. Principal Financial Group Inc. now owns 349,631 shares of the financial services provider’s stock worth $11,660,000 after buying an additional 77,874 shares during the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

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.